This article describes the relationship between externalities, private and public goods, and government intervention.

Economics website with video [1:35] and interactive quiz teaches about costs, benefits, and incentives.

Economics website presents video [2:12] and interactive quiz on property rights and ownership.

Video clip [1:57] from Seinfeld episode teaches about the economic concepts of externality, incentives and property rights when Kramer, Elaine and Newman devise a scheme to relocate a dog that keeps Elaine up at night.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Explain the conditions that have allowed for modern economic growth in the last two centuries
Analyze the influence of public policies on an economy's long-run economic growth