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Markets and the Economics of the Public Sector

rkets and the Economics of the Public Sector

Write a 1,750 words for the governor’s next economic conference. Your paper should address the following:

  • Explain why equilibrium of supply and demand is desirable.
  • Explain the following concepts using the concept of consumer and producer surplus:
    • Efficiency of markets
    • Costs of taxation
    • Benefits of international trade
  • Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
  • 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.

Cite a minimum of 3 peer-reviewed sources, not including your textbook.

Format consistent with APA guidelines.

 

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Introduction

            Good morning ladies and gentlemen and welcome to this year Governor’s economic conference. The theme for this conference is understanding our economic system for a greater economic development. In this context and in spirit of this theme, it is important to discuss some variable that are related to the economy. This will help us to gain foundational knowledge of our economic system, how it works, and what are our individual and societal roles in driving the economy into greater heights. To start with, we will look at the equilibrium of supply and demand and how it is an important variable of the economy. We will also look at concepts related to consumer and producer surplus such as taxation and market efficiency as well as the effect of externalities and its effect on…..

APA

1827 words

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