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Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
A public market has a sponsoring entity that has legal and financial responsibility to oversee operations and, sometimes, provides facilities to house the market activity. Public markets may incorporate the traditional market activity – the sale of fresh food from open stalls – and may also offer a wide range of different products.
Market participants or economic agents consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand.
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
The term economics was originally known as "political economy".This term evolved from the French Mercantilist usage of économie politique, which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.
Public market may also refer to: Types of marketplaces. Financial market, especially those accessible to the general population; Wet market, especially those that ...
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority.
The market clears when the price reaches a point where demand and supply are in equilibrium, enabling individuals to buy or sell whatever they desire at that cost. When supply and demand are equal, a market clearing takes place. The market must experience a shortage or a surplus to reach this state. A shortage indicates that buyers are ...