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In: Economics

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.

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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 2 years ago
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