Demand and Supply
Demand Versus Supply
The Unites States economy shapes so many multifaceted interactions amidst health care employment, costs, health care coverage, as well as economic access to health outcomes and health care. In this paper, the student will select a service, such as health information technology, and discuss the effects on consumer demand on health information technology versus the economic variables of cost, access, and supply. In addition, the student will support her perspective and rationale for the continued provision of health information technology based on supply chain models.
Demand and Supply
One cannot think about demand without supply and vice versa. Supply and demand relationships practically balance each other out (Johnson, 2013). Demand is the quantity of goods a buyer needs. There does have to be a distinction between quantity demanded and demand. The quantity demanded is the explicit quantity of a product buyers will pay for at a certain price. Supply is the total amount of a service or product in which a market will offer. As with demand, there is a quantity supplied. Quantity supplied is the sum of a service or product that suppliers are prepared to give at a certain price.
As with almost everything else to do with some type of math, supply and demand has laws that each abides by (Johnson, 2013). The law of demand is when all factors stay constant, if a good has a higher price, individuals will not demand it as much. Opposite of that is that when the price of the good drops, the demand of the good will increase, and more people will want the product. The supply law is converse to the demand law. The supply law notes that when prices rise for certain services or products, dealers will be willing to provide more of the product. When a supplier provides more of a product or service, the more profits will be made. As revenue increases with the higher demand, the supply of products and services will increase. Supply and demand for health
The Unites States economy shapes so many multifaceted interactions amidst health care employment, costs, health care coverage, as well as economic access to health outcomes and health care. In this paper, the student will select a service, such as health information technology, and discuss the effects on consumer demand on health information technology versus the economic variables of cost, access, and supply. In addition, the student will support her perspective and rationale for the continued provision of health information technology based on supply chain models.
Demand and Supply
One cannot think about demand without supply and vice versa. Supply and demand relationships practically balance each other out (Johnson, 2013). Demand is the quantity of goods a buyer needs. There does have to be a distinction between quantity demanded and demand. The quantity demanded is the explicit quantity of a product buyers will pay for at a certain price. Supply is the total amount of a service or product in which a market will offer. As with demand, there is a quantity supplied. Quantity supplied is the sum of a service or product that suppliers are prepared to give at a certain price.
As with almost everything else to do with some type of math, supply and demand has laws that each abides by (Johnson, 2013). The law of demand is when all factors stay constant, if a good has a higher price, individuals will not demand it as much. Opposite of that is that when the price of the good drops, the demand of the good will increase, and more people will want the product. The supply law is converse to the demand law. The supply law notes that when prices rise for certain services or products, dealers will be willing to provide more of the product. When a supplier provides more of a product or service, the more profits will be made. As revenue increases with the higher demand, the supply of products and services will increase. Supply and demand for health
References: Anderson, D., Britt, F., and Favre, D. (1997). The seven principles of supply chain management. Baltagi, B. H., Moscone, F., & Tosetti, E. (2012). Medical technology and the production of health care. Empirical Economics,42(2), 395-411 Gee, R. and Newman, J. (2013). Health information technology. Obstetrics & Gynecology, 121(6), p Johnson, M. (2013). Economic basics: Supply and demand. Retrieved from: http://www.sophia.org/economic-basics-supply-and-demand-tutorial Monegain, B. (2009). Consumer demand for healthcare IT ‘never stronger’, survey shows. Retrieved from: http://www.healthcareitnews.com/news/consumer-demand-healthcare-it-never-stronger-survey-shows Ridjic, O., Ridjic, G., & Gineo, W. (2011). The contributions of eight cost drivers to the total national health care cost. Acta Informatica Medica, 19(1), 4