Describe the 4 causes of market failure. Why is it safe to assume that the elementary and secondary education will always be provided by the government?

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Patrina SchowalterLv2

22 Mar 2019

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Define the term "market failure." Choose one market failure and provide a real-world example of a government agency that was created to mitigate market failure. Describe how the government agency mitigates market failure.

orangesardine923

Market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Overcoming market failure is a significant challenge for the government, which is not easy to accomplish and may require intervention. In this Discussion, you will consider what the government can do to regulate market inefficiencies. Give one example of a market failure, such as air pollution, water pollution, illegal immigration, or child labor, that is an international problem. Describe the role of the U.S. government in addressing this international market failure and explain why the U.S. cannot unilaterally solve the problem. Explain how individual economic decisions affect this market failure and how economic principles can be applied to modify those individual decisions to help correct the market failure.

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What are your opportunity costs of pursing a higher education? Should a country invest in education? Why or why not? How will investment in education affect a county's production possibilities frontier in the future? If a country should invest in education which level should get the majority of the funds? Should High Schools and Elementary Schools get the funding or should higher education? Which will have the greatest effect on the PPF? Why? Should the government fund education or should it be funded privately? Why? Will the opportunity costs of each type of funding be the same or will they differ? Explain. Use PPF theory and economic reasoning to support your arguments.

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Describe the 4 causes of market failure. Why is it safe to assume that the elementary and secondary education will always be provided by the government?

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