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Instructions

Compose an essay of no less than 500 words discussing the topics covered in this unit. Your essay should include the following:Describe at least three public goods provided by public institutions and how these public goods impact society domestically and/or internationally.Discuss how demand and supply of public goods is influenced by external, environmental, economic, and political factors.Discuss Arrows impossibility theorem, and give an example of how it can affect the political process, other than the example discussed in the unit lesson and the textbook.You must use at least one scholarly source in addition to your textbook to complete this assignment. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

Answer

Public Goods and LawIntroductionPublic goods are goods with two primary characteristics of non-rivalry and non-exclusion. In other words, consumers cannot get barred from using the goods even when they have not paid for the goods. At the same time, use by other people does not limit the supply or availability of the goods. Examples of public goods include the national defense, public parks, the air we breathe, education, and law enforcement. The demand for these goods is, however, subject to economic, political, and environmental factors. The political aspect may further get affected by the arrows impossibility theorem. Thus, public goods, despite being non-rival and non-excludible, are subject to effects from other factors. Public GoodsPublic goods that affect society domestically or inte...
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