Learn more about this topic: Inferior Good in Economics | Definition & Examples from Chapter 3 / Lesson 7 246K Learn the inferior good definition in economics. See the differences in normal vs. inferior goods, inferior good elasticity and industry examples of inferior goods. ...
A market failure is an economic concept that shows the lack of efficiency in the allocation of scarce resources. Therefore, governments should monitor the market failure to correct them with different government instruments such as taxes and subsidies. One example of market failure is externalities....
Learn more about this topic: Public Good in Economics | Definition, Characteristics & Examples from Chapter 3 / Lesson 64 67K Learn the definition of a public good and understand the theory of public goods. Explore the characteristics of public goods an...