Should you be able to buy and sell a doctor's appointment?

The video discusses the allocation of healthcare resources through vouchers, emphasizing the difference between willingness to pay and actual need. It highlights the subjective nature of 'need' and the trade-offs involved in economic decisions. The video also explores societal perspectives on market mechanisms, questioning when individual rationality may not align with societal benefits, thus addressing fundamental economic issues.

What determines who gets to see the doctor according to the video?

• Willingness to pay

• First come, first served

• The level of need

• Random selection

How is the concept of 'need' described in the video?

• As an objective measure

• As a subjective term

• As a scientific fact

• As a universal truth

What example is used to illustrate the subjective nature of 'need'?

• Teenagers needing a new phone

• Elders needing a walking stick

• Children wanting a chocolate chip cookie

• Adults needing a vacation

What is a potential issue with market mechanisms discussed in the video?

• They always benefit society

• They are never rational

• They can be individually rational but not societally beneficial

• They are always based on scientific grounds

What is highlighted as a fundamental issue in economics?

• Maximizing profits

• Balancing individual rationality with societal benefit

• Minimizing costs

• Ensuring equal distribution of resources