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What is Health Economics and Why is it Important

WebHealth economics is devoted to the subject of how health care resources are allocated. These resources are viewed as scarce and health economics is interested in how a health care system can best function to get the most from these resources. Health economics is not only the concern of economists but also those involved in hospital …

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Current GDP, GNP of United States and other countries

WebAs of the most up to date data from authoritative sources such as International Monetary Fund, World Bank and CIA World Fact Book, below is the worldwide nations ranked by GDP.United States is ranked second immediately after EU with a GDP of more than 13,000 billions in 2007.

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Economics Archives

WebWhy Housing Starts Are Used As an Economic Indicator. by Anthony Carter. December 23, 2014. 0. Government and independent economists use a minimum of 12 economic indicators to help them determine how the U.S. economy is

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Definition of competitive market, definition at Economic Glossary

WebDefined. Offline Version: PDF. Term competitive market Definition: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce

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Definition of external cost, definition at Economic Glossary

WebOffline Version: PDF. Term external cost Definition: A cost that's not included in the market price of a good because it's not included in the supply price. Pollution is an example of an external cost if producers aren't the ones who suffer from pollution damages. External cost is one type of market failure that causes inefficiency.

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Is Gross Domestic Product a Fair Measure of Economic Strength

WebA A. 0. Governments around the world measure economic strength based on the combination of a number of factors. One of the factors we use in this country is known as the Gross Domestic Product (GDP). Some say that GDP is a very reliable measure because it gauges the market value of U.S. productivity. Others say it is marginally useful due to

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Definition of scarce resource, definition at Economic Glossary

WebOffline Version: PDF. Term scarce resource Definition: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource

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Definition of quasi-public good, definition at Economic Glossary

WebOffline Version: PDF. Term quasi-public good Definition: A good that is easy to keep nonpayers from consuming, but use of the good by one person does not prevent use by others. Also termed a near-public good,the trick with a quasi-public good is that it is easy to keep people away, and thus you can charge them a price for consuming, but there

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Economics Diagrams Archives

WebThe Macroeconomics Circulation Flowchart. by Yang Yang. December 16, 2009. 1. From a macroeconomic perspective, households, government and firms (corporations) are the 3 fundamental players of money and resources.

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Macroeconomic Unemployment Explained

WebUnemployment rate can be anywhere between 1% ~ 30% (beyond is very much unlikely), and a healthy economy is believed to have a unemployment rate around 5%. Unemployment rate is highest among young workers aged between 15 and 24. In economics, unemployment refers to the condition of unwanted job losses, or willing …

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