a monetary value on life depicts how people react to prices as they do with all goods they purchase. Not everyone can be saved and cured, and the decision on who is, is left up to those in charge. People actually place a higher value on life when the means of «saving» that life are cheaper. Health Care Economics Essay, Research Paper. Obviously, good health is a major factor of being happy and satisfied with your life. People need to look at the importance of their families and friends and stop turning to the faster, cheaper means of getting things. I would predict that most people would choose the first option.
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To know that people will place a higher value on life if the price is cheaper, and will take more of a risk with their life if they can save time and money is somewhat disturbing. Every year, the United States allots a limited amount of money that may be spent on health care. As presented in the text, the Jones-Lee Approach, the relationship between wages and risk, and the study with the smoke detectors, all show that even with health, as with material consumer products, people will purchase more when the price is cheaper. p Every year, the United States allots a limited amount of money that may be spent on health care. People actually place a higher value on life when the means of "saving" that life are cheaper.
Good health is an important factor to an individual?
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