Define the Following Terms

question 72

Short Answer

Define the following terms
-predictive validity

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Definitions:

Health Costs

Expenses associated with maintaining, improving, or treating an individual’s health, including medical care, medication, and hospitalization.

Moral Hazard

Moral hazard occurs when one party in an agreement can take risks because the negative consequences of their actions will be borne by another party.

Expected Value

The anticipated value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.

Health Care Costs

Refers to the expenses associated with medical services, including prevention, treatment, rehabilitation, and health maintenance.