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Market Failure, Public Goods,Adverse Effect and Moral Hazards - Coggle…
Market Failure, Public Goods,Adverse Effect and Moral Hazards
Public Goods
Public goods are roods ,free education ,street lamps and parks
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Externalities
Negative Externalities
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The person who is talking while driving does not think about the risk he causes others ,he feels the cost incurred to him is very less and hence this kind of behavior is seen among lots of people
To regulate this industry ,we need to impose taxes so that it realises that the cost to itself is greater if it continues this behavior
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