Private vs. public goods in the UK and social welfareThis assessment focused on the difference between private goods, which can be efficiently provided by markets, and public goods, which markets fail to supply in an equitable way to the public. Merit and demerit goods will also be considered in order to analyse their positive or negative impacts on society, and why government intervention may be required to control access to these goods. Task 1:45/100 marks (900+ words)
1.Using economics theoriesfrom Krugman & Wells textbook (2020, 5thedition),and current UK examples from the past three years (2018-2021), explain why the UK economyrequires both public and private goods, giving examples of when theUKmarket fails to provide access to necessary private goods, why and how the UK government must providepublic goods.
2.Analyse examples of when the UK governmenthasdifficulty in providing sufficient access to public goods. Explain whether you think UK social welfare programmes do or do not result in fair access to public goods. Userelevant examples of UK public and private goods, providing real-life examples and references from the UK marketand UK news in 2020to support your explanations.
