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Summary Ten Principles of Economics and How Markets Work.docx Markets and the Economics of the Public Sector ECO/365 Introduction Imagine a scenario in which you have been assigned the responsibility of preparing a paper for the governor's next economi$5.49
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Summary Ten Principles of Economics and How Markets Work.docx Markets and the Economics of the Public Sector ECO/365 Introduction Imagine a scenario in which you have been assigned the responsibility of preparing a paper for the governor's next economi
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Ten Principles of Economics and How Markets W Markets and the Economics of the Public Sector ECO/365 Introduction Imagine a scenario in which you have been assigned the responsibility of preparing a paper for the governor's next economic conference. We will explain the importance of the s...
ten principles of economics and how markets workdocx markets and the economics of the public sector eco365 introduction imagine a scenario in which you have been assigned the responsibility o
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Running head: MARKETS & THE ECONOMICS OF THE PUBLIC SECTOR
Markets and the Economics of the Public Sector
ECO/365
, Running head: MARKETS & THE ECONOMICS OF THE PUBLIC SECTOR
Introduction
Imagine a scenario in which you have been assigned the
responsibility of preparing a paper for the governor's next
economic conference. We will explain the importance of the supply
and demand equilibrium, the efficiency of markets and the costs of
taxation. We will discuss the benefits of international trade and
how externalities may prevent market equilibrium and the various
governments policies used to remedy the inefficiencies in markets
caused by externalities. Finally, we will analyze the difference
between the efficiency of a tax system and the equity of a tax
system as it refers to the costs imposed on taxpayers using the
benefits principles.
The equilibrium of supply and demand is desirable because when
supply and demand are equal, the economy is said to be at
equilibrium. At this point, the allocation of goods is at its most
efficient because the amount of goods being supplied is exactly the
same as the amount of goods being demanded. (Hayes, 2017). In other
words, there is no wasted surplus and demands are met.
Efficiency of Markets
A market is efficient when the maximum amount of goods and
services are being produced with a given amount of resources, and
if no additional output is possible without increasing the amount
of inputs. Efficient markets ensure optimal resource utilization by
allowing for price to motivate actions in the economy. If buyers
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