Requirements for human conduct applying to all persons within their jurisdiction
Factors courts commonly apply in reaching decisions
Fundamental notions of fairness
Custom or history involved
Command of a political entity
Best balance between conflicting societal interests
Reason To Regulate Drugs
MARKET FAILURES
Public goods
Externalities
Natural monopolies
Information asymmetry
Public Goods are
•Necessary and beneficial commodities products that private entities will not supply because there is no incentive for a private entity to provide them.