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The amount of goods and services producers are able and willing to sell at a given price.

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Quantity of goods and services a consumer is willing to purchase.

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Percent change in the quantity demanded as a result of a 1% change in price or income.

Elastic demand implies that a change in price will result in significant change in demand.

Inelastic demand implies that a change in price results in hardly any change in demand.

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Percent change in quantity supplied as a result of a 1% change in the price of buying the good.

Elastic supply implies that a change in price results in a significant change in supply.

Inelastic supply implies that a change in price does not impact supply.

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Perfect Competition Short Run (1 of 2)- Old Version

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Reached when there is a balance between the quantity supplied and quantity demand.

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Three Parties - as opposed to the traditional two-party system of traditional markets.

Patients are the consumer

Providers/Facilities are the suppliers

Insurers - change the dynamic between patients and providers.

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The Economics of Healthcare: Crash Course Economics #29

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The Business of Healthcare Podcast, Episode 38: Aligning Financial Incentives with Quality Incentives

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Listen to this episode from The Business of Healthcare Podcast on Spotify. Andrew Thorby, CEO of Care Continuity, joins host Dr. Bob Kaiser to discuss the challenges the healthcare industry faces as it grapples with aligning financial incentives with quality incentives. They also discuss a LinkedIn article Thorby wrote about the Emergency Medical Treatment and Labor Act (EMTALA).