ECO440H5 Chapter Notes -Market Power, Effective Demand, W. M. Keck Observatory

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15 May 2014
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1. 2. 2 demand for health care, demand for health and need. If we are considering the market for health care, we will be interested in the demand for health care. However, in considering this demand, it is important to recognise that health care has special characteristics that may make it different from other goods. One factor is that health care is not usually demanded because it is in itself pleasurable; in fact it may be unpleasant. Instead, it is demanded mainly to improve health. So, even if health care is in itself unpleasant, it leads to more pleasure than would otherwise have been the case. Health can indeed be regarded as a good, in fact a fundamental commodity that is essential to people s well-being, leading to a demand for improvements in it. Health does have characteristics that more conventional goods have.

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