Advantages And Disadvantages Of Market Failure
Market failure means that the market fails to distribute the resources efficiently to satisfy customers. As a result, the government will intervene the marketing to recovery the market. When people buy merit goods, it will be beneficial to people, however, they often cannot realize the benefit. It is known as net private benefit. Net private benefit of merit goods gained from consumption can decrease the private cost. The merit goods also can benefit others which does not recognized in the consumption. For example, education is a typical merit good for students. Students often cannot recognize the benefit of working hard for their future jobs and life. And also the benefit of working hard will benefit many other people. The better job people who work hard obtain, the higher salaries they will get, the more taxes they will pay. The taxes can benefit more people needing help. The development of the society needs more educated and healthy people so that more people can receive the external benefit. People on low income cannot afford to the merit goods. However, private income taxes can help them to enjoy the benefit of merit goods. In order to develop the society and satisfy people, the government needs to provide merit goods. Public goods are the kind of goods that do not combine excludability and rivalry. The using of public goods cannot be prevented by any people. At the same time, when people consume public goods, they can’t affect that others consume the goods and benefit
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American Government Myths And Realities Chapter 1 Summary
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980 Words | 4 Pages“The Federal tax system has always served purposes beyond the collection of revenue to fund Government programs” (Farrigan). The people of the United States pay taxes to the government to multiply the money by doing business related negotiations with other countries. In addition, the government uses the peoples tax money in programs such as Medicaid or children’s health insurance, food stamps, and unemployment benefits. Consequently, the government gives back the people’s tax money, but because of the people the government can support, give, and help the people in need. The government multiplies the peoples tax money and since the people are investing their tax money than is only right the people get a beneficial raise on their tax return money.
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Market Revolution Pros And Cons
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Market Revolution Turning Point
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Importance Of Market Structure
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Advantages And Disadvantages Of Government Intervention
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