Instructor
Caris Liew
Description
In this chapter you will learn how to:
- explain the meaning and importance of free goods and private
- goods (economic goods)
- explain the meaning and importance of public goods
- explain the meaning and importance of merit goods and demerit goods
- analyse how underconsumption of merit goods results from imperfect information in the market
- analyse how overconsumption of demerit goods results from imperfect information in the market.
Curriculum
1.6.1 Nature and definition of free goods and private goods (economic goods)
1.6.2 Nature and definition of public goods
1.6.3 Nature and definition of merit goods: underconsumption as a result of imperfect information in the market
1.6.4 Nature and definition of demerit goods: overconsumption as a result of imperfect information in the market
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