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In everyday life, it is assumed that science provides access to objective truths that will never change. However, the philosopher of science Thomas Kuhn argues that truth is relative and dependent upon the paradigm through which you see the world. Explain what a paradigm is and how the scientific method can lead to paradigm shifts.
Market Failure
A situation in which a market left on its own fails to allocate resources efficiently, often justifying government intervention.
Nutrition Labeling
Information provided on food packaging that details the nutrient content, such as calories, fats, vitamins, and minerals.
Externality
An economic term referring to a cost or benefit that affects a party who did not choose to incur that cost or benefit, often leading to market failure.
External
Pertaining to elements or influences originating outside a system or entity.
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