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Government and the Economy, Correcting Market Failures

external benefits, market failures, public goods, economists, costs

The government attempts to adjust the production and consumption of particular goods and services where private markets fail to produce efficient levels of output for those products. The two major examples of these market failures are what economists call public goods and external benefits or costs.

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Article key phrases:

external benefits, market failures, public goods, economists, costs, production, services

 
 

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