Concepts learnt :

the concept of public goods

the sources of market

failure in the presence of

externalities

the characteristics

and causes of externalities

the need for

Government intervention in an

economy

Analyze how externalities are

corrected the tools of

Government intervention

Question:

Certain aspects of

the Covid19 pandemic can be explained by the concepts of externalities and

characteristics of public goods.By identifying specific examples, discuss

and explain the statement based on the concepts you have learnt, and explain

how government interventions could address the issues identified.

including the use of suitable hypothetical graphs to support your explanation.