Students will be able to
- understand the characteristics of private goods, public goods, artificially scarce goods, and merit goods,
- understand the definition of market failure,
- understand the reasons behind market failure and how it motivates the government intervention in the economy,
- understand the following three economic roles of the government: satisfying public and social wants, achieving economic growth and stability, and achieving equity,
- understand the following pillars of capitalism: private ownership, profit motive, and market mechanism,
- understand the definition and different forms of privatization and their benefits.