Learn about the crucial role of pricing in market mechanisms and government's involvement in facilitating market operations through property rights and legal frameworks. Explore the concept of market failure, including externalities and market power, and delve into macroeconomic principles by examining how the economy functions as a whole through the lens of productivity. This 36-minute lecture, part of the "Ten Principles of Economics" series by NPTEL-NOC IITM, provides valuable insights into the interplay between market forces, government intervention, and economic productivity.