ECONOMICS: 29 Aug 02 Distinguish between merit and ecumenical goods. Why is the government the main provider of these goods in the sobriety? Australia has a mixed foodstuff economy where the decisions concerning production and statistical distribution ar determined by a assortment of grocery forces with some degree of government intervention. The free functioning of market forces does not always achieve the most enviable economic and social outcomes. Thus, governments whitethorn intervene in the market governing body if markets fail to achieve allocative efficiency in the homework of goods and operate.
merchandise failure can arise when the allotment of goods and services is minute than optimal and can occur when thither is in decorous provision of merit and public goods. Merit goods are goods or services that the government believes are beneficial to hunting lodge but they may not be produced in adequate quantities because the market is as well small and there is little to no incentive for semiprivate production. Merit goods and services are those that ...If you want to get a full essay, order it on our website:
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