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PHARMACOECONOMICS
ECONOMICS
HEALTH
HEALTH ECONOMICS
I
N
T
R
O
D
U
C
T
I
O
N
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DEFINE: ECONOMICS
1. study of the proper
allocation and efficient use of
scarce resources.
why?
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DEFINE: ECONOMICS
2.The science of choice
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DEFINE: ECONOMICS
3. Is the study of the
activities that involve
PRODUCTION andEXCHANGE OF GOODS
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DEFINE: ECONOMICS
4.The study of commerce
among nations
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DEFINE: ECONOMICS
5.The study of man and how
he runs the economic
activities.
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Components of Economics
1. Economics is about makingCHOICES.
2. Economics is analyzing thedifferent CHOICES and their
COSTS.3. The choices and their costs will
give an EFFECT ON THE FUTUREof those who make these
decisions, or to the recipients ofthe commodities.
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BRANCHESOF ECONOMICS
1. Microeconomics
2. Macroeconomics
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Microeconomics
Is the study of smaller and
individual entities such as
household and firm with aview to understand decision
making in the face of scarcity
and the consequencesofthese decision
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Microeconomics
HOUSEHOLD:
How household allocateand use their financial
and other resources
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Microeconomics
FIRM:
How the industries pricethe goods, effort,
consumption, saving, andallocation
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Macroeconomics
is the study of the functioning of theeconomy as a WHOLE with a view
to understand interactionsof
economic aggregates such as national
income, employment and inflation.
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Macroeconomics and
Microeconomics
Differentiated
Terms associated withMacroeconomicsGross national ProductGross Domestic ProductAggregate supply
aggregate demandEmployment/unemploymentFiscal policyGovernment and taxationForeign trade/Balance oftradeInflation/DeflationInterest rateForeign exchange
Terms Associated with
Microeconomics
Pricing
Household allocation of
resources
Household spending andsaving
Price and income
elasticities
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METHODOLOGIES
OF ECONOMICS1. POSITIVE
2. NORMATIVE
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METHODOLOGIES
OF ECONOMICS
1. POSITIVE- analysisof economics which
deals with whatactually isorwhat
happened
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POSITIVE
ECONOMICS
Environment Protection
Agency study shows that
exposure to secondhand
smoke causes 3,000 lung
cancer deaths per year in
nonsmokers
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METHODOLOGIESOF ECONOMICS
1. NORMATIVE-
analysis of economics
which seeks toanswer the question,
what ought to be?
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NORMATIVE
ECONOMICS
To prevent people from
having lung cancer and stop
them from smoking, the
government should take rigid
action by increasing tax on
cigarettes
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ECONOMIC
RESOURCES1. Land
2. Labor3. Capital
4. Entrepreneur
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LAND
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LABOR
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CAPITAL
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ENTREPRENEUR
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Non-Economic
Resources/Factors1. Government
2. Religion
3. Education4. Social structure
5. Values6. Culture
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HOW TO ALLOCATERESOURCES
1. Economic system
2. DecisionMaking
System
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Economic System
is responsible for
improving economic
conditions of the people
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Types of Economic
System Traditional
Command
Market
Mixed
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Traditional
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Command
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Free Market
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Mixed System
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Effectiveness of ES is
measured by the following
Criteria Abundance
Stability Security
Economic
freedom
Growth
Efficiency
Justice and
Equality
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ECONOMIC DEVELOPMENT
refers to the sustained,
concerted actions
ofpolicymakers and commu
nities that promote
the standard of living
and economic health of aspecific area.
C it i i Cl if i
http://en.wikipedia.org/wiki/Policymakershttp://en.wikipedia.org/wiki/Communityhttp://en.wikipedia.org/wiki/Communityhttp://en.wikipedia.org/wiki/Standard_of_livinghttp://en.wikipedia.org/wiki/Economic_expansionhttp://en.wikipedia.org/wiki/Economic_expansionhttp://en.wikipedia.org/wiki/Standard_of_livinghttp://en.wikipedia.org/wiki/Communityhttp://en.wikipedia.org/wiki/Communityhttp://en.wikipedia.org/wiki/Policymakers8/22/2019 1.Economic Concept.ppt New
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Criteria in Classifying
Phases of Economic
Development
A. Means Livelihood
1. Hunting and fishing phase2. Pastoral phase
3. Handicraft phase
4. Agricultural phase5. Industrial phase
Criteria in Classifying
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Criteria in Classifying
Phases of Economic
Development
B. Extent of Economic
Activity
1. Household economy
2. Village economy
3. National economy
4. International economy
Criteria in Classifying
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Criteria in Classifying
Phases of Economic
Development
C. Medium of Exchange
1. Barter economy2. Money economy
3. Money and credit
economy
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Money
Money is a guarantee that we mayhave what we want in the future.Though we need nothing at the
moment, it ensures the possibility ofsatisfying a new desire when itarises - Aristotle
Money is like a sixth sense, and youcant make use of the other fivewithout it. W. Somerset Maugham
http://rds.yahoo.com/_ylt=A0S020vXP_pKz0gBMD6jzbkF/SIG=1377qmg7v/EXP=1258000727/**http%3A//www.civileconomics.net/common/imagelib/index.htm/3560_550_250_crop_525ab.jpg8/22/2019 1.Economic Concept.ppt New
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Money
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Purposes of money
Medium of exchange
Unit of account
Store of Value
Standard of deffered payment