Write a 1-to-1.5-page (500-750 words) essay in which you discuss the definition of externality, explain why government intervention is usually required to address the economic failure that results, and describe how taxes are used to fund this Use your textbook and at least one other reliable source to find information. The PMI online library or Google Scholar are both good options. Content Requirements " Content should be in your own words, with 20% or less from outside sources. . The paper, in-text citations, and references page must be in APA format. " Quotation marks should enclose any information used word-for-word. Paper Structure Requirements ECN 101 - Taxes and Externalities Essay Assignment Instructions 2 I. Introduction paragraph - Provide an overview of the information you will cover, including describing how externalities, market failures, and taxes are related II. Body paragraphs - Give a detailed description of each of the following: A. Taxes 1. Clearly define and give an example of each type of tax approach: Proportional, regressive, progressive, The examples do not need to be actual taxes; you can create realistic examples of each of the three types of taxation. B. Externalities 1. Define the concept of economic externality. 2. Give an example of a positive and a negative economic externality 3. Explain why government intervention is generally required to adjust for economic externalities. C. Public Goods 1. Give an example of a public good and explain why it is a public good (think about the excludability and rivalry of the good) 2. Why do public goods need to be paid for via taxes? 3. Explain the Free Rider problem and how it is addressed via taxes Ill. Summary A. Summarize the main points of your paper. IV. References page A. Provide a list of references in APA format