Cost-benefit decision vs. society
Economists and businesses almost always compare costs and benefits in their decision making. This cost-benefit approach and market outcomes resulting from supply and demand framework may be undesirable to the society. We refer these issue as failures of market outcomes. Discuss these undesirable market outcomes? What are the undesirable market outcomes that you have experienced in your workplace (eg. bottlenecks in promoting diverse workplace, and ethical and social obligations, due to globalization and trade unions, etc.,)?