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health care policy on economic perspective

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Do business principles apply to healthcare? Has competition in healthcare reduced the prices for the future or presence

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The expert determines if business principles apply to healthcare.

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Certain business principles do apply. In the interest of keeping things basic, let's consider the classic economic models of supply, demand and the relation of cost. As demand increases, supply usually follows in increase, and depending on whether demand is higher or supply is higher, price may be higher or lower respectively. To clarify, when there's lots of demand but little supply, suppliers can charge a higher price for a product than when supply is plenty but demand is low.

Both products provided in health care and health care providers are in competition with each other in their sectors. Especially where patients have a choice in a privatized health care system like the one that exists in the States, patients are essentially ...

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