The Growth in Health Care Costs Can Be Attributed to a Number

question 5

True/False

The growth in health care costs can be attributed to a number of factors, including the greater need for health care by an aging population.

---

Definitions:

Economic Efficiency

A condition in which all resources are distributed in the most efficient manner, ensuring that every individual or organization benefits optimally, with minimal waste and inefficiencies.

Economic Efficiency

A state where resources are allocated in a way that maximizes the production of goods and services without wasting any resources.

External Benefit

A benefit that results from an activity but affects uninvolved third parties who did not choose to incur that effect, often leading to market inefficiencies.