Supply and demand is a very basic economic principle. However, it does play out differently than expected in health care. (Hint: Think elasticity.) Why is the economic principle of suppl

MHACB/598

Respond to the following in a minimum of 500 words. 

Supply and demand is a very basic economic principle. However, it does play out differently than expected in health care. (Hint: Think elasticity.)

• Why is the economic principle of supply and demand different in health care?
• There has been a focus on cost containment and cost reduction in health care for decades. What are some of the most prevalent cost-reduction strategies in your organization? What has been the result?