Eminent Domain
Eminent domain is the legal power of a government to expropriate private property for public use, accompanied by the requirement to provide just compensation to the property owner.
Market Failure and the Role of Government
On occasion, markets fail and are unable to meet demand for goods. This may mean that governments look to intervene to solve this problem.
Gini Coefficient: Definition, How to Calculate & Formula
Simply put, the Gini coefficient is a statistical measure used to calculate inequality within a nation.
Public Goods: Definition, Characteristics & Examples
A public good is a good whereby no individual can be excluded from benefiting from it. In other words, everyone can benefit from its use.
Externalities: Definition, Positive & Negative Examples
In economics, an externality refers to a cost or benefit that is imposed onto a third party.
Market Failure: Definition, Causes & Examples
A market failure is said to occur when there is an inefficient allocation of resources. This can occur when the supply does not fully reflect demand. So there might be an undersupply or oversupply.
