Why do markets fail

Topics (a) Why do markets fail? (12 marks) (b) Choose either education or health care. Evaluate government policies in correcting market failure in the area you have chosen. (13 marks) Please use following form and a picture which in attachment to write the essay Introduction Introduce the context (in reality or theoretically) Define key terms in the essay Define your stand (agree, disagree, to what extent, what should or should not be done) Body Explanation – Give an overview of the theory to be explained Elaborate on the theory, using diagrams, numerical illustrations, examples wherever applicable Point out assumptions, weak points of the theory (inability to explain certain behaviours or potential unintended consequences) Argument – Topic Sentence (the point you’re trying to make) Elaboration of your point, giving conceptual support and explanation Cite examples, real world evidence to support your point and the conceptual framework Evaluate the counter-arguments Conclusion Raise alternative prescriptions/policies/explanations Make a summary of your arguments and consolidate your stand Conclude the essay