University of South Carolina Norman J. Arnold School of Public Health Dept. of Health Administration HSPM J712 Class 1
Copyright © 1999-2008 Samuel L. Baker
Sound instructions: Click the sound buttons to play the voice recordings. Click again to stop the play.
If you are viewing this over a telephone modem internet connection, playing each voice recording can involve a loading delay of several minutes.

Economics: Basic ConceptsSound applet

Economics: Broad DefinitionSound applet

Economics: Narrower DefinitionSound applet

An economic systemSound applet

Goods and servicesSound applet

ResourcesSound applet

Resource typesSound applet

CapitalSound applet

CapitalSound applet

The relationship between the economics and the business usages of "capital"Sound applet

InvestmentSound applet

Investment examplesSound applet

Health can be regarded as capitalSound applet

Health care -- a consumption good and an investment goodSound applet

Health care is purchased to enhance health.
  1. Health enhances our enjoyment of life.

  2. Health care is a consumption good.
  3. Health enhances labor productivity.

  4. An investment is any action that increases capital, including human capital.
    Health care is an investment good, too.

Health Care, Resources, and ProductionSound applet

This is our segue to discussing the central issue of economics: "The Economic Problem"

The Economic ProblemSound applet

The Economic Problem in two words:Sound applet

Allocation and DistributionSound applet

Economics helps us make allocation and distribution decisions better.Sound applet

Table of terms for the goals of economicsSound applet

In the U.S. health care system, scarcity is manifested as Sound applet

High expenditure would not be bad, were it not for the suspicion thatSound applet

Let's go over each of these points in turn:

- We're paying too much for what we getSound applet

- We're not getting the best mix of goods and services that we could for the resources we put in.Sound applet

- Some people get more than they need, while others get lessSound applet

Problems with how we solve the Economic ProblemSound applet

Summary: Main conceptsSound applet
The views and opinions expressed in this page are strictly those of the page author. The contents of this page have not been reviewed or approved by the University of South Carolina.