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(Reasons, Types of Policies, Factors affecting demand, Factors affecting…
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Factors affecting supply
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Barriers to entry (qualifications, training)
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Merit Goods
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Examples: education, healthcare, exercise
Demerit Goods
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Examples: cigarettes, alcohol, drugs
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Geographic mobility
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Barriers: family, housing, cost of living
Occupational mobility
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Barriers: skills, training, qualifications
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Dynamic Efficiency
Definition: Innovation, R&D, tech progress over time
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Examples
Street lighting, lighthouse, national defence, flood defences
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Government Failure
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Causes: bureaucracy, political pressure, unintended consequences, time lags
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