Traditional economic system based on the completely free market can get into a situation of a failure. This can be viewed through different perspectives:
1. Neoclassical economic point of view: Economic value is lost when the allocation of resources and production of goods is not efficient enough (or Pareto efficient). The main reason for market failure is percieved to be because of self-regulatory organizations, governments or other insititutions. This basically means that when government intervene in the market (with taxes, wage and price controls, subsidies) it can lead to the inefficient allocation of resources.
2. "Nature of the market" viewpoint: Economists see market as a place where individuals can benefit from trade with each other, but sometimes inefficiency can be caused by imperfect competition (or in other words monopolies, monopolistic competitions, oligopolies). Imperfect competition can be a result of a certain geographical condition which give certain individuals an advantage in the free market competition (that is called natural monopoly). Other reasons for inefficiency can be caused by entry barriers which occur when other companies cannot enter and compete in the market freely.
3. Marxist viewpoint: Some economists would argue that the system is placed to be inefficient in the first place. For those economists market failure means that market is failing to achieve its wider social goals, for example - reduce inequality. Marxian economists argue that the individual property rights are the problem in itself, and the resource allocation and production of goods should be done in other ways.
Answer: Parol evidence rule.
Explanation:
Parol evidence rule is the regulation that restricts the presentation of any evidence while oral contract before the existing period negotiation that can tend to manipulate, alter or contradict the terms mentioned in the written contract .
This law usually comes into action when some particular terms and expression of contract is being determined or completed. This rule is implied because it can change the contract or agreement when it has already reached the final stage. This law is followed in Anglo-American region.
That would PTSD or Posttraumatic stress disorder which is an
anxious mental disorder which can be caused by extremely stressful and life-threatening
experiences. Most of the people who experience
a highly stressful and traumatic event will not develop PTSD but this depends
on the trauma because about half of the sexually assaulted victims develop the disorder. Those
who develop the disorder have an increase in fight-or-flight response,
disturbing and unpleasant thoughts, dreams and mental or physical distress to
certain cues that are in some way related to the trauma they experienced among other
symptoms.
