Reference no: EM1352843
Write a paper of no more than 700 words about the market for a health care good or service, such as blood or organ donation or nursing care facilities, addressing the following items:
o Identify the various stakeholders in market transactions for your chosen good and service. Be expansive in your definition of stakeholders-but not too expansive.
o Generally, explain how resource scarcity influences this market. What are the critical inputs that are scarce to suppliers in this market? What are the income/wealth scarcities of demanders that impact ability and willingness to pay? What are the nature of alternatives to demanders among which they can choose?
o In light of such scarcity, describe choices stakeholders must make. What are the incentives of these stakeholders? What are their typical decision patterns?
o Discuss economic forces (supply factors, demand factors, government policy) that affect the health care market.
o What are some typical causes of change in supply and/or a change in demand? How do they affect equilibrium price and quantity?
o Is the demand for this market price elastic or price inelastic? Is the demand for this market income elastic or income inelastic? How do these conditions affect the suppliers' decisions about pricing and production volume?
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