What is the concept of “agglomeration”. Explain the internal and external effects associated with this concept.

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A: In a command system,a central government plans, then organizes and in turn controls all of the…

Q: Explain each one of these. 1. Government Black Entry 2. Control Key Resources 3. Network…

A: Government Black EntryThe black market is defined as the illegal market. The government entry to the…

Q: What is the difference between a for profit and nonprofit business?

A:

Q: Who owns and who controls the major factors of production?

A: An economy includes all production of goods and services, all selling and buying and all employment.…

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A: Socioeconomic factors are the combination of society and economic factors that come together to…

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A: City is a large area where humans settle.

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Q: what is the economic loss

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Q: Explain the impacts of each industries in the economy Manufacturing Industries Merchandising…

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Q: mercha

A: Poor quality products implies products of a low standard ,quality or which is turn in bad condition.

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Q: explain the different challenges of the global cities

A: Global cities of present times are surrounded by many challenges in employment, education, etc.

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A: Option (b).

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.