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ECS3710 EXAMINATION PACK 2024 (a) Explain the meaning of derived demand within the healthcare sector. (10) (b) Briefly describe five key characteristics of medical care that differentiate it from typical economic goods ($5.84
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ECS3710 EXAMINATION PACK 2024 (a) Explain the meaning of derived demand within the healthcare sector. (10) (b) Briefly describe five key characteristics of medical care that differentiate it from typical economic goods (
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Course
ECS3710 (ECS3710)
Institution
University Of South Africa (Unisa)
ECS3710 EXAMINATION PACK 2024
(a) Explain the meaning of derived demand within the healthcare sector. (10)
(b) Briefly describe five key characteristics of medical care that differentiate it from typical economic
goods (10)
(c) Critically assess the fac...
(a) Derived Demand in the Healthcare Sector
In healthcare, the concept of derived demand refers to the demand for healthcare
services being driven by the demand for health itself. Patients don’t directly demand
medical services; instead, they seek healthcare as a means to achieve better health
outcomes. For example, the demand for medications, hospital stays, or doctor visits
arises because individuals want to recover from illness or maintain their well-being.
Unlike traditional goods, healthcare services are not consumed for pleasure but for the
purpose of improving or preserving health.
(b) Five Key Characteristics of Medical Care
Uncertainty
Healthcare is inherently uncertain because patients cannot predict when they will
require services or the outcome of treatments.
Inelastic Demand
The demand for healthcare is less responsive to price changes because of its
necessity, especially in emergencies.
Asymmetric Information
Providers typically have more information than patients, leading to imbalances in
decision-making.
Externalities
Healthcare has positive externalities, such as vaccinations, where an individual's
health choices can benefit others by reducing disease spread.
Non-standardized Products
BMZ ACADEMY 061 262 1185/068 053 8213Page 2 of 9
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