Students will be able to
- distinguish between private, public, and social wants,
- define market failure,
- understand reasons behind market failure and how it motivates government intervention in the economy,
- understand the following 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,
- define privatization and understand the benefits of its different forms.