In this lesson, we will learn how to identify different types of goods and the role of the government in fulfilling certain human needs due to market failure.
Students will be able to
Public goods
Externality
The four classes of goods and services defined by their excludability and rivalry in consumption
Rivalry in consumption
Q1:
Which of the following types of wants does the free market fail to meet?
Q2:
Which of the following is not one of the government’s economic roles?
Q3:
Which of the following are pillars of capitalism?
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