Idea that individuals insulated from risks behave differently than those who are exposed to it.

This is the average amount of healthcare spending per person per year in the United States.

This states that as the price of a unit decreases, the quantity of units demanded increases.

Payment system the reimburses on historic revenues and does not reimburse based on volume

This is Latin for ‘with all other conditions held constant

This insurance scheme is the only way to completely avoid adverse selection.

This is the percent of the United States GDP that goes to healthcare spending.

This is the difference between what a consumer is willing to pay for each unit and the amount he or she actually pays.

This is the first state to implement global budgets for hospitals

A firm maximizes profits when it reaches equilibrium between these

Health economics concept that occurs because of the prevalence of asymmetric information in the purchase and sell of insurance.

Financing of this is in jeopardy (ha ha) as expenditures have exceed tax revenues for almost 10 years

Tylenol and Advil are examples of this

She and her coauthors crushed it with her paper on global budgets in Maryland

The price of bandaids increases 10%, and the quantity demanded decreases 5%. Bandaids are

"There is no free lunch" illustrates this concept

Spending on this program is the fastest increasing component of states' budgets.

The price of saline solution skyrockets, so consumers purchase fewer contact lenses. Contact lenses and saline solution are a type of this

Global budgets may encourage providers to skimp on this metric

Changes in this create a movement along a demand curve, or a change in quantity demanded

The Quality Adjusted Life Year (QALY) threshold value for cost effectiveness

All Type 1 and Type 2 diabetics require insulin. Their price elasticity of demand is this value

As income increases, the demand for this type of good decreases

The name of the TWO programs that implement global budgets in rural hospitals and all suburban/urban hospitals in Maryland

The price of plastic surgery decreases by 20% and the quantity demanded for plastic surgery increases by 30%. What is the price elasticity?