Question

1. Analyze and discuss some of the factors that make the healthcare market different from other economic markets.

Answer 1

Healthcare, since it is not specifically described, is separate from other facilities. In certain sectors, in order to increase performance and consistency, the good or service should be standardised. Per customer is structurally, chemically, and emotionally distinct in healthcare. For one person, what works might not inherently work for another. In terms of selecting customers, healthcare often varies. There is an option in other resources to choose which entity or industry business to be done with. That is not so in healthcare as medication, regardless of the willingness of patients to pay, must be provided to patients in areas such as the emergency department. In comparison, as in most fields, healthcare practitioners are not paid directly by their patients. The bill typically comes from insurance providers or government companies. As combined with other facilities, these variables make healthcare special.

The need for healthcare comes from the consumer's need for healthy health. Many people tend to be well than to be ill. Another factor that differentiates health insurance from most other products and services is that it is an expense at the same time. The buyer would therefore support the customer in the future by saving money on being safe now. The fact that demand is relatively inelastic is another primary feature of health care. If a customer is sick and needs medical attention, at nearly any amount, the customer would seek healthcare services. Ultimately, the willingness of individuals to afford healthcare is constrained by the wealth of buyers, but individuals are able to trade off spending on certain other goods to afford the requisite medical services.