Dictionary
The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.
B
- Budget Constraint
- The limit on spending imposed by available income or allocated resources, within which choices among competing uses must be made.
C
- Consumer Choice
- The process by which individuals select among available goods and services to maximise satisfaction given their preferences and budget constraints.
H
- Hard Budget Constraint
- A binding spending limit an organisation cannot exceed without genuine financial consequences, such as insolvency or service cuts.
S
- Soft Budget Constraint
- A situation where an organisation expects that any budget overrun will be covered by an external authority rather than facing full financial consequences.