Question

Describe your commodity and the market that commodity targets. Also, state when, how, and why it became popular or less popular. In addition, state the factors (demand determinants and supply determinants) that have caused its supply and demand to change and how those changes affected its price. Basically, why has demand and supply for that commodity changed?

Please choose from these: social media, higher education, online education, healthcare services, online banking, online shopping

Answer 1

The healthcare services targets the healthcare industry market to their target audience. The health care structure sector in the United States consists of an array of hospitals, clinicians, and other health care facilities, numerous insurance plans, and buyers of health care services, all the segment operating in numerous configurations of groups, networks, and independent practices. Today, the healthcare industry has become popular very and an important part of the United States economy. The demand for healthcare is gradually rising because of the desire of the consumer to gain good health, prevalence of preventable illness and the suboptimal usage of healthcare services. Moreover the health care acts as an investment because the invested money on health will benefit the consumer's in the future. If a consumer is sick it's demand is relatively inelastic; and is also affected by consumer's income. The chief factors influencing supply includes technological innovation, increasing competition, aging of the population, restrained public funding, increase in real income, growth in health manpower, and a deceleration in economy-wide inflation. However the prices of health-care services are not necessarily determined by demand and supply as the government has strong influence on prices