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Reflection Paper

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Reflection Paper

Category: Research Paper

Subcategory: Economics

Level: College

Pages: 2

Words: 550

Many times, the market system fails to give efficient results because of the side effects economists call externalities. An externality occurs when a person engages in an activity that influences a bystander and is neither paid nor compensated for the action. In the broader context, society creates economic options. It needs to make choices about, what should be established, how those products should be formulated, and who is permitted to utilize those products. For conventional economic aspects, the industry by way of the function demand and supply answer various questions. Under circumstances of competitors, where no one has the power to impact or set the market prices, the society decides the price of a product, and the price determines what is produced, and its consumers.

Another possible resource of industry failing is that aggressive marketplaces offer less than a sufficient volume of community products. The issue is that if customers know it is too challenging to remove them, then they could not pay their dues of the community excellent, and manufacturers would find it unprofitable to offer the products. The price provides the inspiration to both the consumers and manufacturers. High prices stimulate more manufacturing by the manufacturers, but less intake by the customers. Low rates prevent production by manufacturers and encourage consumption. Both concepts push the price to stability the causes of consumption and production. Economic experts call this equilibrium b…

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