4. Identify political factors that influence and determine financial management practice in the public arena. 4.1 Explain public goods and their characteristics. 4.2 Summarize Arrow’s impossibility theorem and how it

4. Identify political factors that influence and determine financial management practice in the public arena. 4.1 Explain public goods and their characteristics. 4.2 Summarize Arrow’s impossibility theorem and how it can be used in the political process. Hyman, D. N. (2014). (11th ed.). Stamford, CT: Cengage Learning. Compose an essay of no less than 2 pages discussing the topics covered in this unit. Your essay should include the following: § Describe at least three public goods provided by public institutions and how these public goods impact society domestically and/or internationally. § Discuss how demand and supply of public goods is influenced by external, environmental, economic, and political factors. § Discuss Arrow’s impossibility theorem, and give an example of how it can affect the political process, other than the example discussed in the unit lesson and the textbook. You must use at least one scholarly source in addition to your textbook to complete this assignment. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

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