Why Public or social goods not be produced through market
Why Public or social goods not be produced through the market?
Expert
Public or social goods would not be produced through the market, because they are indivisible and are not subject to the exclusion principle. A lighthouse is a good example of a public good. To see whether they paid for it or not, the light is there for all. Those who receive benefits without paying are part of the so called free rider problem.
For eg: Flood control, National defense, Public health.
Use the circular flow model to confirm this assertion for a $1 per hour increase in the minimum wage?
numbers of sellers in pure competition?
I have a problem in economics on current production possibilities frontier. Please help me in the following question. The combination of 70 units of clothing and 30 units of food are: (1) Completely employs the economy's capacity. (2) Would leave most
Question: What can we learn from the Japanese experience? Is the US headed for a 'lost decade? Answer: There was
Elucidate reallocation of Government resources?
The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
What do you mean by Linkages?
Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo
What are the limitations of Circular Flow Model?
with the aim of diagrams show the difference between A change in demand and A change in quantity demand
18,76,764
1961431 Asked
3,689
Active Tutors
1416537
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!