why the medical care market different from other markets ? (10 lines) and give 8 reasons.

why the medical care market different from other markets ? (10 lines)

and give 8 reasons.

Solutions

Expert Solution

This is different from other markets because of the following reasons:

#) medical care (MC) products, like nursing, hospitalization, doctors’ visit, clinical tests, etc. are ill-defined. Demand of these products arises if there is illness; but, products of other markets (OM) (like consumer products, real-estate products, industrial products, etc.) are need-defined. (#) Result of MC is uncertain, because patients may cure or may not be cure. Result of OM is certain. (#) MC providers are non-profit organizations. OM providers are mostly for-profits sectors. (#) payments are made third parties (like insurer) in case of MC. There is no third party involvement in case of OM. (#) the demand for MC in some cases (like serious illness) becomes inelastic. OM demand may be elastic or inelastic. (#) Cost of MC is not the primary factor in this market; but, this is primary in OM. (#) Risk is very high in MC; but, this is low in case of OM. (#) The government may sponsor MC if required; but, such sponsorship is not there in OM. MC is always a primary area to be focused in the government budget, whereas OM becomes secondary or none.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Question 4: How is the medical care market different from other markets? Discuss your answer by...

Question 4: How is the medical care market different from other markets? Discuss your answer by giving 4 likely reasons. Health care marketing: Refers to the use of marketing strategies for the purposes of protecting and improving population health the strategies including:

1. How is the health care market different than other "ideal"/typical economic markets? Or to put...

1. How is the health care market different than other "ideal"/typical economic markets? Or to put it another way, how is paying for medical care different than buying groceries? 2. List and explain 3 reasons why health care is so expensive in the U.S. 3. If you could implement one policy today to reduce health care costs, what would it be and why?

What are the major reasons that a free, unregulated market in medical care might not be...

What are the major reasons that a free, unregulated market in medical care might not be the best solution? What suggestions do you have to fix this?

Do you consider the Hispanic market in the U.S. different from or similar to other markets...

Do you consider the Hispanic market in the U.S. different from or similar to other markets in the U.S? WHY? Explain your answer utilizing economic, social, political, cultural and/or historical arguments. How adaptive have to be, if any, TV broadcasting, radio broadcasting, print media, and social media for Hispanic markets in the U.S.? WHY? Provide credible arguments in support of your answer.

Give specific reasons why ethical issues are so important in the health profession. Provide other (different)...

Give specific reasons why ethical issues are so important in the health profession. Provide other (different) specific reasons why legal issues are so important in the health profession. What are the advantages and disadvantages of a “litigious society”? Drawing from the textbook and class discussion provide examples of what you can do to: Always be as ethical as possible Avoid breaking the law or being sued (as much as possible).

Give specific reasons why ethical issues are so important in the health profession. Provide other (different)...

Give specific reasons why ethical issues are so important in the health profession. Provide other (different) specific reasons why legal issues are so important in the health profession. What are the advantages and disadvantages of a “litigious society”? Drawing from the textbook and class discussion provide examples of what you can do to: a)Always be as ethical as possible b) Avoid breaking the law or being sued (as much as possible).

Why is medical terminology important? How is it different from other types of writing? Provide 3...

Why is medical terminology important? How is it different from other types of writing? Provide 3 examples of types of medical writing.

8. What are control activities? 9. Give the different types of control activities. 10. Why is...

8. What are control activities? 9. Give the different types of control activities. 10. Why is it necessary to monitor controls? 11. What are the inherent limitations of internal controls? 12. Enumerate, in chronological order, the steps followed in the study and evaluation of internal controls. Explain each step briefly.

How is the “product” of health care and the “business” of health care different from other...

How is the “product” of health care and the “business” of health care different from other commodities? Do consumers follow the same principles for health care as they do for other purchases? Do normal market forces apply to health care?

Explain why the market for health insurance is more competitive than the market for medical care

Subjects