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2 Pages • Essays / Projects • Year: Pre-2018
Discuss the main areas of government intervention to overcome market failure in a mixed economy like Australia. Use examples to illustrate your answer. When markets are left to operate without government intervention a number of 'market failures' may occur. Markets may fail in the provision of goods and services, distribution of income, creation of externalities, abuse of market power and economic instability. Government intervention may be necessary to address these failures and could include regulation, government provision, targeted taxation and subsidies, or macroeconomic measures. Includes 1. Provision of goods and services 2. Inequality in the distribution of income 3. Externalities and the environment 4. Monopoly power 5. Fluctuations in economic activity
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