(Don't copy the answer)

Describe 3 ways to increase the social value of pharmaceuticals, and explain them with basic economic principles.

(adding some examples would be perfect)

- A good is scarce when it is desired, but its availability is limited by limitations on the resources available to produce the good.

- Economics is the study of how individuals and societies allocate their limited resources in attempts to satisfy their unlimited wants.

- Consumers demand a good/service until the additional value from buying it is larger than its market price.

- The health production function shows concave shape curve as the healthcare service unit is added, which is explained by the therofy of diminishing marginal value(utility).

- HPF could be different across individuals, because the additional value of treatment could bary according to disease types and patients' value toward it.

- The market demand curve shows the market value of product/service purchased at a certain amount.