A product, such as education, which consumers may undervalue but which the government believes is 'good' for consumers. Merit goods would be under-provided in a pure free-market economy. This is because they have external benefits that people would not take into account when they made their decisions about how much to consume. An example is vaccina...
Found on
http://www.encyclo.co.uk/local/20140
A product, such as education, which consumers may undervalue but which the government believes is `good` for consumers. Merit goods would be under-provided in a pure free-market economy. This is because they have external benefits that people would not take into account when they made their decisions about how much to consume. An example is vaccina...
Found on
http://www.encyclo.co.uk/local/20414
No exact match found.
