Problem: Go to the U.S. National Library of Medicine website and review the Glossary of Frequently Encountered Terms in Health Economics. Focus on terms that define medical care demand including health demand, elasticity, principle, and agent.
1. Discuss whether or not healthcare is elastic or inelastic and share one example to support your argument.
2. Explain how the supply and demand curves can be used by healthcare managers.
3. Provide at least one example of these factors to support your rationale.