Write a paragraph for each of the following terms:
Supply is a fundamental economic concept that denotes the total number of certain service or goods available to consumers. Price, competing goods and demand influence supply in one way or the other. Unlike other services, healthcare is not precisely defined. Every consumer of healthcare services is structurally, emotionally, and chemically unique. What works for one individual may not work for another. Healthcare services also differ in terms selecting consumers. Treatment has to be offered to areas like emergency room regardless of the patient’s ability to pay for the service. Additionally, supply of…
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In economics, demand refers to the consumer’s willingness and ability to pay for a good or service. Holding other factors constant, a rise in the price of a product lead to reduced demand while a decrease in the price triggers a surge in demand. Healthcare demand is…
In each paragraph, discuss the respective term’s traditional economic definition and compare the use of the term in the traditional economic sense and in a health care setting.