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Supply and demand forces usually determine the prices and the quantity to exchange between buyers and sellers for private goods and services. We would expect that this would be the most efficient way of allocating scarce resources and the distribution of finished products. Unfortunately it is not optimal from the social and governments point of view. Government has many goals and objectives. It always make an attempt to fulfill these goals and objectives. This forces the government to intervene in the free market mechanism. There are many ways to accomplish this task and the outcomes can be different for each of these methods.
What are governments goals and objectives? How does the government intervene in the free market?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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