Be specific.. LIST and GIVE AN EXAMPLE of each of the four types of market failure... (i.e. the reasons that we need government intervention) Solution The main reasons because of which we need government intervention are as follows:- 1.) Poverty alleviation:- Poverty is one of major problem in underdeveloped and developing nations. Government runs various poverty alleviation programmes. For example, Prime Minister\'s Rozgar Yojna (PMRY) in India. Through these programmes, government accelerates the economic growth. It helps in population control through awareness regarding various family planning programmes. It tries to reduces income inequalities in the nation. 2) Human capital formation:- It implies development of abilities and skills among the population of country. It is the process of acquiring and increasing the number of people, who have skills, experience and education, which are critical for social, economical and political development and growth of the nation. The state and union governments have been earmarking substantial financial outlays for development of education and health sectors in the country. 3) Rural development:- Government plays a very vital role in developing rural life through providing drinking water facility, proper sanitation and severage facility, Basic amenities like Housing etc. Government aims at improving social and economic conditions of people living in villages through various awareness programmes and campaigns. 4) Employment Generation:- Union and state governments played vital role in generating employment or creating opportunities for employment generation. Government provides \'Direct Employment\' by employing people in various departments for administrative purposes and in different industries, hotels, transport companies etc. run by the government. Therefore these are the Four areas ( Poverty alleviation, Human capital formation, Rural development and Employment generation etc.) which need government intervention to the large extent..

1. Be specific..
LIST and GIVE AN EXAMPLE of each of the four types of market failure...
(i.e. the reasons that we need government intervention)
Solution
The main reasons because of which we need government intervention are as follows:-
1.) Poverty alleviation:- Poverty is one of major problem in underdeveloped and developing
nations. Government runs various poverty alleviation programmes. For example, Prime
Minister's Rozgar Yojna (PMRY) in India. Through these programmes, government accelerates
the economic growth. It helps in population control through awareness regarding various family
planning programmes. It tries to reduces income inequalities in the nation.
2) Human capital formation:- It implies development of abilities and skills among the population
of country. It is the process of acquiring and increasing the number of people, who have skills,
experience and education, which are critical for social, economical and political development
and growth of the nation. The state and union governments have been earmarking substantial
financial outlays for development of education and health sectors in the country.
3) Rural development:- Government plays a very vital role in developing rural life through
providing drinking water facility, proper sanitation and severage facility, Basic amenities like
Housing etc. Government aims at improving social and economic conditions of people living in
villages through various awareness programmes and campaigns.
4) Employment Generation:- Union and state governments played vital role in generating
employment or creating opportunities for employment generation. Government provides 'Direct
Employment' by employing people in various departments for administrative purposes and in
different industries, hotels, transport companies etc. run by the government.
Therefore these are the Four areas ( Poverty alleviation, Human capital formation, Rural
development and Employment generation etc.) which need government intervention to the large
extent.