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What is a market? - Coggle Diagram
What is a market?
Situations in a market
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Monospsony - A monopsony is a market condition in which there is only one buyer, the monopsonist /
A situation in which a resource user is sufficiently dominant in the market for the price of resources to be affected as this user’s demand rises or falls.
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Rivalry and Scarcity
Rivalry - if one perosn is using a resource at a given time it limits another person ability to use the given resource at the same time.
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Health Economists Role
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Model building to simplify relationships between variables. Deliberatley abstracts from reality and ignores certain variables that are not deemed important for that case.
Need for decisions on how to allocate resources involved in production of health care and how to distribute the health care. Job of a health economist
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Market Failure
Market failure occurs when the market system is unable to achieve an efficient allocation of resources
Market failure does not mean that nothing good has happened, but rather that the best possible outcome has not been achieved
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Free Health care markets (USA) need to be regulated, subsidized and incentivized in order to serve the public best.
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