This preposition is the one of the direst want of man in the world and the people of the USA are no exception. Today’s market for healthcare in the USA has undergone radical technological and transformations. Americans enjoy the privilege of having the…
As a result, many diseases that were considered deadly a few years ago are effectively curable today. As an important example of these improvements, prescription drugs have leapfrogged in the health industry in ways that in some cases they have even reduced the occurrence of surgery (Kimbuende et al, 2010).
This paper attempts to discuss customer demand for prescription medicines in connection with the variables of cost and supply in the USA. The major question we, at the very start, come across is if the theories of economics fit well in case of healthcare. According to Scott II (2001), the actual application of the concepts and theories of economics are not a straightforward exercise. The application of economics to healthcare theories is a complex question and therefore, the results found in research can not always be dependable. However, there are two major economic concepts that apply well to the case of healthcare: (1) Allocation of Scare Resources and (2) Economic Efficiency (Scott II, 2001).
In case of our health care product, prescription medicines, these two notions are the most obvious. Thus, as far as the allocation of resources is concerned, more and more is being devoted to the production of such magical potions to produce even better products and at lower costs (Scott II, 2001). With the discovery of every new disease more allocation of resources takes place in the prescription drugs industry, not to forget that in most of the cases prescription drugs are more than necessity. Moreover, increased competition in the drug industry demands the firms to be more efficient in their production. The question then arises if there is any relevance of the forces of demand and supply in the prescription drugs markets; it has been observed that an increase in the market prices for prescription drugs serves as a signal to the producers that they are in demand and the supply is thus triggered (Scott II, 2001). Thus we ...
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(Demand Versus Supply Paper Paper Essay Example | Topics and Well Written Essays - 1250 Words)
“Demand Versus Supply Paper Paper Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.net/miscellaneous/399932-demand-versus-supply-paper-paper.
Dr. Mukund further elaborates that a change in the equilibrium of supply and demand of money often results to a drastic change in the balance between supply and demand of commodities. Within the same field of economics, the supplier and consumer are vital in the equilibrium of supply and demand of both money and commodities (Mahajan Mukund 23).
Demand on the other hand defines the willingness of buyers to purchase a commodity in the market at a certain price. Price, therefore, can be termed as one of the key factors that determine the supply or demand for commodities in the market (Fisher 22). This is due to the fact that the sole intention of suppliers is to make maximum profit while that of consumers is to acquire items, which they can afford.
While supply refers to the amount of goods sellers, are willing and are able to bring into the market at any one given time (Brown 2010). This is at the current prices in the market. This brings in the fact that the market has two major players. The buyers and sellers.
The firm has tried everything to keep manufacturing at the lowest costs in order to be competitive in the global market. The firm has used the chase manufacturing by maximizing customisation of the manufacturing process in order to have a way to minimise costs.
Ceterus paribus is an omnibus assumption and holds all other factors which might influence consumer's demand as constant for the purpose of analysis. These factors may include income of the consumer, tastes of the consumer, impact of fashion and style, peculiar consumer characteristics like miserliness, scarcity of good and other choice patterns in consumer behaviour.Under these assumptions the price and quantity demanded are shown as inversely related and the graphical representation of consumer data in this scenario results in a downward sloping demand curve.
In regards to the British economy, they are certainly considered as being in this category. In order to come to a clearer and more knowledgeable understanding of the issue of the British economy and how supply and demand factors affect it, we must thoroughly address and investigate the key factors in regards to this subject.
However, with the increasing pressure due to several reasons, nurses in the past and present have not been able to achieve these goals with perfection. If we list the responsibilities of nurses it can be said that, they are responsible for performing patient assessments, administering medications, monitoring a multitude of patient parameters and recording it, managing hygiene and physical therapy activities, assisting the physicians during procedures, consulting with physicians, respiratory therapists, and other caregivers, keeping family members informed, and documenting each and every aspect of care.
Using real world example, professional sports players are paid much higher than farmers, factory workers, engineers, and teachers even though all of them are generally in competitive markets.
In order to assess this situation, this paper will