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pollutions. For an additional example for a social problem, where
supply and demand is not allowed
to freely function, read the “Last Word” feature on markets for human
organs on Pages 68–69 of your
textbook. There are black markets (underground economy) for human
organs in some countries. But
a trade in human organs, based on supply and demand, raises ethical
issues and hence it indicates a
limitation of relying on markets to solve the social problems we have in
the society.
Course outcome(s) practiced and assessed in this Assignment:
GB540-3: Evaluate ethical issues in economics.
Directions
You can write your research about social problems where the free
markets are not allowed to
function, which includes the market for a particular illegal good and
service, a regulated market, etc.
● Select a social problem where free markets are not allowed to
function, and conduct research
on the social problem.
● Describe how free market features could be introduced to help
alleviate the social problem
through free market operations of supply and demand.