The Effect of an Ageing Population ans its Effect on a Nation's Health Research Paper

The Effect of an Ageing Population ans its Effect on a Nation's Health Care System - Research Paper Example The demand for a nations healthcare services is directly linked to its population. As such, between 1980 to 2007, the population of the US grew by an average of 1.1% per year. Thus, the population grew from around 227 million in 1980 to 302 million in 2007. A simple extrapolation based on current growth trends will put the US population at around 440 million by 2050 (refer to figure 1.1). It is not simply the size of the population but also its composition that is very important, especially the percentage of the senior population. According to the 2000 census, the population of 65-and-older was estimated to be 35 million in the US. This translates to around 12.7 % of the total population but will rise to almost 20% of the population by 2050. As the population grows older, the health care system will face higher demand since senior citizens suffer from more chronic illness and require more medical attention than any other age group (refer to figure 1.3). In other words, the higher the price (sacrifice) the fewer people will be willing to purchase it. This also applies the other way around: the more people are willing to obtain a good or service, the more they are willing to sacrifice or pay. However, changes in the price of a good will result in a change along the demand curve while other factors (such as aging of the population) will push the demand curve to the right. Demand itself, its determined by various factors such as the price of the product, the price of substitutes and alternatives, consumers income, consumer’s tastes, and other individual and environmental factors. Â