Explain the importance of the following economic concepts in today’s society.
• You may use recent statistics and graphs to supplement your answer.
• Use the Dropbox to submit your answer.
1. Market Failures
2. Consumer Surplus
3. Producer Surplus
4. Private Goods Characteristics
5. Public Goods Characteristics
6. Government Failure
7. Productive Efficiency
8. Allocative Efficiency
9. Free-Rider Problem
10. Externalities
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