In an evaluation, discuss how the role and function of budgeting has been utilized to correct externalizes and other market failures.

In an evaluation, discuss how the role and function of budgeting has been utilized to correct externalizes and other market failures. Additionally, justify the use of taxpayer resources to correct externalizes and other market failures
Thread Outline: Use boded statements as headings in your thread.
I. Summarize the role of the government in the budget process
II. Analyze the role of the government in correcting externalizes and other market failures
III. Justify the use of taxpayer resources to correct externalizes and other market failures
Externalizes are a consequence of a governmental activity that affects other parties without this being reflected in the cost of the goods or services involved. Externalizes by nature often are environmental. Some examples of negative externalizes include:
Air pollutionWater pollutionFarm animal productionPassive smoking.Traffic congestionNoise pollution
Market failure is an inefficient allocation of resources. Government failure occurs when government intervention results in a more inefficient and wasteful allocation of resources.
See attached Rubric also