Health care services are very important for the growth and development of the country. Modern health services, provide enjoyment of healthy life which are available only for a section of people. Also a substantial proportion of the world’s population has poor health as well as high mortality and morbidity levels. Invariably poor health people are very poor. This tells that there is link between health & economic development.
What is economics?Economics is the study of how people choose to use their resources to produce, exchange and consume goods and services.
1. Definition by Paul A. Samuelson: It is the study of how men & society choose, with or without the use of money, to employ scarce productive resources to produce various commodities over time and distribute them for consumption, now and in future, among various people and groups in societyResources- includes land; labour and capital.
Land refers to the permanent fixed supplyLabour – refers to human talents in production
Capital – means the resources produced by economic system.
Scarcity: - This is the inability of economy to meet the unlimited wants of the society or individual orinsufficient amount of resources
Production: - Any economic activity which is directed to the satisfaction of wants of people
Exchange:- When production is insufficient for consumption the goods & services are exchanged
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