Introduction ●      Everyone recognizes that physics is a science. Everyone also recognizes economics--a "social science"-- is…

Economic behaviour involves the exchange of one scarce resource for another. When people engage in…

The study of economics involves three related investigations. 1.      Why scarce resources are exchanged? 2.      How consumers and producers behave as they…

Markets are efficient at producing private goods, largely because producers and consumers have the right…

In compensating for the failure of markets to supply public andmerit goods, central and local government can intervene.…

With education, few students will know with any precision the benefit to themselves of being educated,…

Economic theory predicts that while markets may form to supply some merit goods, total supply…

The market for merit goods is an example of an incomplete market. Merit goods have two basic characteristics: Firstly,…

In the UK, turnpikes were an increasingly common way of paying for the maintenance costs…

The market for quasi-public goods is an important example of an incomplete market. A quasi-public…