A Simplistic Economic View Of Social Healthcare Systems
Throughout the world, social healthcare systems are being used, which have a greatly reduced cost and increased care per capita as opposed to the system of privatized healthcare. To measure the ability of social healthcare systems, it is common to take an economic view of supply and demand for a given service and compare it to price versus quantity. Since the price of privatized healthcare is larger than social healthcare, the demand would be decreased for the former system and raised for the latter. This would lead to the results that fewer people would seek the private system because the costs are much higher than the substitute social system and would have a lower standard of health based on this aversion to the cost of healthcare. Once there is more information about the differences between these two systems, the economic assumption would be for an increased demand for social healthcare.