Economic term and healthcare history

Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized and voluntary decisions. Capitalism and Private Property Private property rights are very important in capitalism. Most modern concepts of private property stem from John Locke's theory of homesteading, in which human beings claim ownership through mixing their labor with unclaimed resources. Once owned, the only legitimate means of transferring property are through trade, gifts, inheritance or wages.

Economic term and healthcare history

Gross domestic product The economic growth rate is calculated from data on GDP estimated by countries' statistical agencies. The rate of growth of GDP per capita is calculated from data on GDP and people for the initial and final periods included in the analysis of the analyst. Determinants of per capita GDP growth[ edit ] In national income accounting, per capita output can be calculated using the following factors: Productivity improving technologies economic history Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation.

Increases in productivity are the major factor responsible for per capita economic growth — this has been especially evident since the midth century. Most of the economic growth in the 20th century was due to increased output per unit of labor, materials, energy, and land less input per widget.

The balance of the growth in output has come from using more inputs. Both of these changes increase output. The increased output included more of the same goods produced previously and new goods and services.

During the Second Industrial Revolutiona major factor of productivity growth was the substitution Economic term and healthcare history inanimate power for human and animal labor. Also there was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power.

Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and the Green Revolution. Interchangeable parts made with machine tools powered by electric motors evolved into mass productionwhich is universally used today.

Real food prices fell due to improvements in transportation and trade, mechanized agriculturefertilizersscientific farming and the Green Revolution. Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvestersand steam -powered factories.

Economic term and healthcare history

By the late 19th century both prices and weekly work hours fell because less labor, materials, and energy were required to produce and transport goods. However, real wages rose, allowing workers to improve their diet, buy consumer goods and afford better housing.

New goods and services included television, air conditioning and commercial aviation aftercreating enough new demand to stabilize the work week. Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th century.

Demographic changes[ edit ] Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate.

Women with fewer children and better access to market employment tend to join the labor force in higher percentages. There is a reduced demand for child labor and children spend more years in school.

The increase in the percentage of women in the labor force in the U.

Economic term and healthcare history

Spending wave Other factors affecting growth[ edit ] Political institutions, property rights, and rule of law[ edit ] See also: These included new laws favorable to the establishment of business, including contract law and laws providing for the protection of private property, and the abolishment of anti-usury laws.

Enforcement of contractual rights is necessary for economic development because it determines the rate and direction of investments. When the rule of law is absent or weak, the enforcement of property rights depends on threats of violence, which causes bias against new firms because they can not demonstrate reliability to their customers.

Thanks to the underlying homogeneity of its land and people, England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after Many of these intermediate level institutions relied on informal private-order arrangements that combined with public-order institutions associated with states, to lay the foundations of modern rule of law states.

Polio Returns to Venezuela As Economic Crisis Cripples Healthcare System

In many urban areas the poor "invade" private or government land to build their houses, so they do not hold title to these properties. Much unregistered property is held in informal form through various property associations and other arrangements.

Reasons for extra-legal ownership include excessive bureaucratic red tape in buying property and building. In some countries it can take over steps and up to 14 years to build on government land.

Other causes of extra-legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with the official agency. Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital.

Specifically, "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest.Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

Economic Term and Health Care History

It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.. Growth is usually calculated in real terms - i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced.

Feb 23,  · Opinions expressed by Forbes Contributors are their own. I delve into the business of business travel, and often the fun too.

Share to facebook Share to twitter Share to linkedin As soon as the. Dec 19,  · The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.

Incorporated as a not-for-profit foundation in , and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests. Fortis Healthcare Ltd., incorporated in the year , is a Mid Cap company (having a market cap of Rs Crore) operating in Pharmaceuticals and health care sector.

Fortis Healthcare Ltd. key Products/Revenue Segments include HealthCare Services which contributed Rs Crore to . The Gross Domestic Product (GDP) of an economy is a measure of total production. More precisely, it is the monetary value of all goods and services produced within a country or region in a specific time period.

Economic Terms and Health Care History HCS/ March 03, Michele Burka Economic Terms and Health Care History Over the years healthcare economics have changed tremendously. These changes have everything to do with the evolutionary changes that have occurred in the United States which have influenced this dramatic .

Health economics - Wikipedia