Supply and Demand for Canada´s Healthcare System

1851 Words4 Pages

Health care is an important aspect of economics especially in Canada. People are provided with health care in Canada when they become Canadian citizens, in other words the system is funded by the government. When one thinks about health care in terms of economics we can see that it is not necessarily a simple understanding of supply and demand. As we have learned in this course is that the function of supply and demand is used for any commodity whether it would be be a good or service. The fact health care is thought of as a public good affects the market for that particular commodity. This paper will show the current state of the health care system, the future demand of it, and future implications in Canada. Also, it will analyze the Canadian Health care system at its most fragile period and how baby boomers will not have free access to retirement homes and health care in the future. While understanding the future of health care first one must understand the following aspects of health care which include: how does the health care system work, how is it funded, how we understand the supply and demand of health care and its relation to the Canadian health care system, and the future impact of the health care market in Canada. First and foremost one needs to understand that the demand of health care is a derived demand from the demand of health. Douglas McCready has stated in his lesson that, “in the case of health care, there is no direct demand for health care.” From what we have learned in economics there are some products or services that are the cause of the demand for other products, also known as derived demand (McCready, Lesson 4). With respect to the Canadian health care system one should know that it is funded by the gove... ... middle of paper ... ...e and will have to bear the burden of the future. By the data being provided in the above article stating that the percentage of the older population is going to increase by the year 2025 seems to be self-evident. This paper has explained the current state of the health care system, the future demand of it, and future implications in Canada. Furthermore it has shown that the roles will be reversed in the future when looking at who will benefit. Just looking at the funding aspect of the health care system one should be able to see that the population of the working class decreases so does the federal and provincial funds that could be used towards the health care market. For economists that understand this concept would know that the health care could be in a decline and a clump of it would have to be privatized in order to continue providing the services of today.

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