Markets are usually a good way to organize economic activity, however, market failure may result if the market does not allocate resources efficiently, thus, leading to government intervention. The government enforces rules to help prevent market failure. A major impact the government plays in a market economy is enforcing property rights so an individual can own and control scarce resources. The government provides police and courts to enforce people’s rights on goods and services produced or owned by an individual. Market failure may be caused by an externality, which is the impact of one person or firm’s actions on the well-being of a bystander, or market power, which is the ability of a sin...
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