Health Care Market-Blood Donation

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Health Care Market- Blood Donation
According to Wikipedia, blood is a specialized bodily fluid that delivers necessary substances to the body’s cells, such as nutrients and oxygen, and transports waste products away from those same cells (Wikipedia, 2011). There has been a high demand for blood, all types of blood. Statistically speaking someone in the United States needs blood every two seconds (Rare Blood Types, 2010). Due to the high need for blood, scarcity plays a role with blood donation. This paper will discuss how scarcity resources influence the market, and the choices stakeholders are forced to make. The essay will also relay the economic flows that may affect the health care market, the causes of change in supply and demand and the affects of equilibrium price and quantity, and the pricing decisions for blood donations with elasticity or inelasticity. A resource is considered scarce when its availability is not enough to meet its demand. Scarcity is based on the idea that oftentimes a limited supply of goods or services comes up against an ever increasing demand for it, and that ever effort must be made to ensure its proper utilization and distribution to avoid inefficiency (International Society for Complexity, Information, and Design, 2005). Blood is needed for many individuals, whether it is for someone that has trauma, needed surgery, needed blood transfusion, cancer patients, etc. More than 38,000 blood donations are needed every day to meet the need for the high supply, however, this need is not met (American Red Cross, 2011). Being that there is a high need for blood donation, stakeholder need to find creative ways to obtain the blood that is needed. The stakeholders are the physicians, blood centers, patients, and blood donors. Stakeholders who work at blood centers urge individuals to donate their blood. People can donate blood at blood banks, blood center, or hospitals. What has become the latest trend is that individuals...
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