Merit goods and positive consumption externalities
With education, few students will know with any precision the benefit to themselves…
The supply of merit goods
Economic theory predicts that while markets may form to supply some merit…
Merit goods
The market for merit goods is an example of an incomplete market. Merit goods have two…
Quasi public goods
The market for quasi-public goods is an important example of an incomplete…
Incomplete markets
An incomplete market is one where some of the necessary conditions for…
Pure public goods
The market mechanism is likely to fail to supply pure public goods…
Missing markets
A significant market failure is the failure to produce some goods and…
The nature of economics
Economics is the scientific study of the ownership, use, and exchange of scarce…
Index numbers
Economists frequently use index numbers when making comparisons over time. An index…


