Economic Principles
This economic concept explains why we can't provide unlimited healthcare to everyone.
What is scarcity?
A fixed amount a patient pays for a visit or service.
What is a copay?
The U.S. healthcare system relies mostly on this kind of insurance.
What is private insurance?
The U.S. government helps provide healthcare mainly through these two programs.
What is Medicare and Medicaid?
This biblical principle means using healthcare resources wisely and responsibly.
What is stewardship?
When demand for healthcare exceeds supply, this happens to prices.
What is they rise?
The amount a patient must pay before insurance covers services.
What is a deductible?
This North American country uses a single-payer system.
What is Canada?
The government might regulate the pharmaceutical industry to ensure this.
What is safety and price control?
Micah 6:8 commands us to "do justice", "love mercy", and "walk humbly", guiding our views on this.
What is healthcare policy or social responsibility?
This type of market failure occurs when one party has more information than the other in a transaction.
What is information asymmetry?
Health insurance helps reduce this financial uncertainty.
What is financial risk?
Medicare and Medicaid are examples of this kind of healthcare provision.
What is public insurance?
Medicaid expansion under the ACA affects low-income individuals and has this trade-off.
What is higher taxes vs. broader coverage?
From a biblical view, this virtue supports caring for those who cannot afford treatment
What is compassion?
A payment system where doctors are paid per service can incentivize overuse of treatments
What is a fee-for-service?
When people overuse healthcare because they don't bear the full cost, its's called this.
What is moral hazard?
In a universal healthcare system, this is a primary goal.
What is equity or fairness?
Preventative care is encouraged by the government because it reduces these long-term expenses.
What is chronic illness treatment costs?
Luke 12:48 teaches that to whom much is given, mush is required. this could justify this type of tax-funded healthcare.
What is subsidized/universal healthcare?
An increase in healthcare spending may reduce resources available for education. This is shown by this type of graph.
What is the Production Possibilities Curve (PPC)?
Cost-sharing mechanisms like copays and deductibles are meant to reduce this economic inefficiency.
What is overuse/unnecessary use?
The U.K. provides healthcare mostly through a publicly funded system know as this.
What is the National Health Service (NHS)?
A policy that ensures access to care for vulnerable populations may be justified by this biblical principle.
What is justice or compassion?
The tension between free markets and biblical justice raises this moral dilemma in healthcare economics.
What is balancing efficiency with fairness?