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What Is Market Failure? How Can the Government Correct Market

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What is market failure? How can the government correct market failure?


Definitions:

Cultural Practices

These are the patterns of behavior accepted by a society that reflect the beliefs, customs, and traditions of its people.

Behavioral Similarity

The degree to which individuals in a group exhibit the same behaviors or patterns of action.

Culture

The shared values, beliefs, behaviors, and norms of a group of people or society.

Personality Traits

Enduring characteristics that describe an individual's behavior, such as extroversion, agreeableness, and conscientiousness.

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