According to Morris, Devlin, and Parkin, opportunity cost is a central concept in health economics. The opportunity cost of committing resources: Healthcare Economics Assignment, NUI, Ireland
| University | National University of Ireland (NUI) |
| Subject | Healthcare Economics |
According to Morris, Devlin, and Parkin, opportunity cost is a central concept in health economics. The opportunity cost of committing resources to produce a good or service is the benefits forgone from those same resources not being used in their next best alternative.
Consideration of opportunity cost means that production and consumption of health care incur real human costs as well as creating real human benefits, therefore the concept of opportunity cost lies at the heart of all economic analysis.
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