Pure Private Markets
Corresponding Reading: Chapter 8 pp. 184-187 only from Miller's "Economics Today" 15th ed.
Circular Flows of Economic Activity
Rationing with the "Invisible Hand"
Next:  Go to ASSIGNMENTS and take the Invisible Hand Quiz

Government Market Intervention
Corresponding Reading: Chapter 5 from Miller's "Economics Today" 15th ed.
How Markets Can Work -or Fail
Total Market Failure: Public Goods & the Free Rider Problem
Merit Goods: desirable spillover effects
Demerit Goods: undesirable spillover effects
Government Failure, too!
Next:  Go to ASSIGNMENTS and take the Externalities Quiz