Economic exchange
Economic behaviour involves the exchange of one scarce resource for another. When…
Property rights
Markets are efficient at producing private goods, largely because producers and consumers…
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…


