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Question 6 Essay

1542 words - 7 pages

Question 6: Provide any 4 justifications for government intervention in production and provision of public and private goods.

Economy happens to be one of the main assets of a country, with economy it determines whether which level of economy that the country is categorized into. Whether it is developing, developed or least developing country, if the economy is vulnerable it makes the country’s economy to be controlled by outsiders. As when this happens, the country’s resources cannot be used by their government and the market price will be controlled by the outsiders whom possessed the highest control in the economy. As we know, Malaysia practices mixed economy where mixed economy is ...view middle of the document...

D & Madhavan.K, 2010). Where the floor price is meant by the government imposed regulations that prevent prices from falling below a minimum level that can lead to surplus. Both the ceiling and floor price will prevent from the prices of goods and services to be fluctuates, as when the price fluctuates the economy will be unstable and thus leads to economic problems such as inflation. Example, the Malaysian government intervenes in the pricing of sugar. If the government did not intervene, the price of the sugar will fluctuates and it will result in imbalance economy transactions between the producer, distributor and consumer. The agency that is responsible in monitoring the price of the goods which is the Ministry of Domestic Trade and Consumer Affairs, where the agency will provide the latest information to the peoples about the price of certain goods and services. We can relate this situation when the implementation of GST came into effect where there are individuals try to manipulate the prices of good just for their own personal interest without the acknowledgement from the government.
The second justification which is to avoid the misallocation of resources, this point is related to the public goods. Public goods can be explained as goods that have a common use and are benefit to everyone. The government will provide assistance in terms of goods to the citizen who needed it, so the goods such as text book, vouchers, coupons and others. As we know the government has properly divided and allocated amount of resources they have into the distribution of public goods during the presentation of the annual budget. With this, the people can estimate the amount of public goods that will distributed to them annually. Usually there will be sufficient amount of resources for the respective government agencies or ministries to distribute the public goods to the peoples. However without proper intervention and observation, the resources that are allocated can be misused by the people who are accountable to distribute it. This issue is common as some of the people keep complaining why they did not received the public goods even though they are qualified to receive it. This is because some of the people are not educated as they did not aware about the goods that are supposed to be delivered to them. With the intervention, it makes sure that the government has done their part which is to serve the public. In Malaysia, the example of public goods which are ‘Bantuan Rakyat 1 Malaysia’ and the book vouchers. So the government intervention is very crucial as it involves the government resources and the people’s welfare.
Next which is to avoid monopoly, monopoly is defined as the existence of a single seller in a market that produce goods and services. Monopoly existed when the firm has unlimited autonomy of the resources, and when the firm happens to be the only one that can provide the goods and services, the people will still pay them even though the...

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