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Health Economics - Essay Example

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Summary
On economics point-of-view, consumers' willingness-to-pay on health care services depends on the theory of supply and demand. In line with this, the concept of supply and demand in relation to rate of employment will be thoroughly discussed.
In the process of going through the main discussion, the impact of supply and demand of health care services with regards to the market prices will also be tackled in details…
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Health Economics Essay
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Download file to see previous pages In general, the available supply of drug in relation to the demand for the said drug significantly affects the market price of a particular drug. For example: chloroquine and sulfadoxine-pyrimethamine which is used to treat malaria costs around US$ 0.15 for a single dose (Wiseman, Onwujekwe and Matovu). Given that there is an outbreak of malaria within a geographic region, the demand for the said drug is expected to increase. In case there is a scarcity in the supply of the said drug, prices of chloroquine and sulfadoxine-pyrimethamine would likely increase until it reaches a point of equilibrium. (See Figure I & 2 - Impact of Supply and Demand on Market Price below)
the contrary, the rate of unemployment rate increases when the economy is bad. Given that more people are employed, there is a higher chance that more people will be able to earn extra money to avail the high cost of health care services offered by the local hospitals and vice versa. (See Figure 3 & 4 - Impact of Good and Bad Economy on Employment Rate below)
When employment rate is high, competitive employees are able to bargain their expected salary from their prospective employers. Even though the market price of health care services is high, more people are willing to pay for a higher cost of competitive health care services. In times of a serious financial and economic crisis, most of the large-scale companies are downsizing the number of their employees. For this reason, talented individuals do not have much choice but to accept work opportunity even though the pay is less than what they deserve. In line with the limited pay some people are receiving when the economy is bad, people in general are unable or unwilling to pay for the high cost of health care services (Lang and Lai).
Either by choice, adoption, or by divorce, the number of single-parent families is growing fast in the United States (Miller). To enable single mother to cope with financial expenses, the only way to increase the income is to increase the hours of work. It means that a single mother usually ends up sacrificing her leisure time with her children in exchange for the income she would earn while working.
For example: Jack is earning $5,000 a month working 8 hours a day as a manager in a five-star hotel whereas Cindy earns only around $500 a week working 8 hours on a part-time job as a waitress because she is taking care of her child as a single mother in the morning. For Cindy to be able to earn $5,000 a month, she will have to work longer hours so she financially supports her child. For Cindy to earn the same earnings of Jack, she will have to work for a total of 80 hours a month. [($500 / 8hours) = $62.50 / hour; $5,000 a month / $62.50 per hour = 80 hours a month] (Jones). Therefore, Jack is more willing than Cindy to spend large sum of money for expensive health care se ...Download file to see next pagesRead More
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