HCS 552 Demand versus Supply

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HCS 552 Demand versus Supply

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According to Getzen (2007), "The concept of demand, a functional relationship (curve) showing how quantity changes as price changes, is more useful for decisions balancing the need for medical care with other goods, or allocating care among groups of people" (p. 40). Supply and demand are essential economic concepts and do not operate as independent variables that simply interact. Instead, these two concepts are categorically dependent on each other and commonly characterized by close association. Demand recognizes the quantity of a product as desired by the consumer at a specific price. Supply identifies the amount of product available. Getzen (2007) states, "The law of demand states that a rise in prices will cause the quantity purchased to fall" (p. 40). On the other hand, a drop in price of the product will increase the demand but can limit the supply available. For this reason, supply and demand are significant drivers to the cost of a product. Hand sanitizer is a health care product currently in demand by health care consumers in various health care and non-health care settings. Because of its universal use, it is important to recognize the effects of consumer demand versus the economic variables of cost, access, and supply. It is also crucial to understand the rationale for continued use of hand sanitizer based on supply chain models.......

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The United States has a great consumer demand for health care services. The supply of these services or products, such as new medications or medical equipment, is affected by many factors. Select a service or product that may be in demand by the health care consumer now or in the future. Write a 1,050- to 1,400-word paper on your selected service or product that discusses the effects of consumer demand for the product/service versus the economic variables of cost, access, and supply related to that product/service. Support your perspective and rationale for the continued provision of a current service, or for the implementation of a new service or product, based on economic principles or supply chain models. Cite a minimum of three sources. Format your paper consistent with APA guidelines.

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