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Consumer and Producer Theory
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Author(s): Sean Hildebrand (Ball State University, USA)
Copyright: 2018
Pages: 12
Source title:
Positioning Markets and Governments in Public Management
Source Author(s)/Editor(s): Helisse Levine (Long Island University, USA)and Karina Moreno (Long Island University, USA)
DOI: 10.4018/978-1-5225-4177-6.ch003
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Abstract
This chapter takes an in-depth look at consumer and producer economic theories. Both theories play a central role in decision making by individuals, businesses, and the government. To help understand how these theories function, the chapter provides an overview of the economic “laws” of supply and demand. The chapter continues with an exploration of government intervention in the marketplace, including the subjects of market failure, regulation, incentives, price controls, taxation, governmental hiring, and the purchase of private sector goods by public sector entities. To conclude, the chapter links government actions to consumer and producer economic theories in its daily operations as a means to enhance efficiency, effectiveness, and equitable service delivery.
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