POLS 015B Study Guide - Comprehensive Final Exam Guide - United States Constitution, Madison Avenue, Veto
20 Nov 2018
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When it does not apply the allocation of efficiency and resources. Government: the institutions and political processes through which public policy choices are made . Public policy: what the government chooses to do . Markets are the state of nature= the default. Politicalcompass. org and take the quiz w/ 500 word reflection. Government intervene because it is moral and ethical to do so, economically needed and political right. Economically: there is no market without government. Without government provision of services and goods, all services and goods would be provided by the market. When market economy does not provide goods and services efficiently. A monopoly controls a lot of businesses that have no competition b/c they own all of them. What is harmful about a monopoly is that it flies in the face of competition. In a monopoly they set the price @ whatever they want. *monopsony: there is only one or very few buyers.
