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Market Failure and Externalities Notes

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Market failure - information about market failure, power, externalities and classifying goods

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7 Pages Partial Study Notes 1-2 Years old
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Market Failure and Externalities Notes
Topics this document covers:
Economy Economics Microeconomics Market failure Market structure Public economics Goods Welfare economics Externality Public good Social cost Supply and demand
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Economics Microeconomics Market failure Market structure Public economics Goods Welfare economics Externality Public good Social cost Supply and demand
Sample Text:
Efficiency: maximising economic welfare, it is achieved by allocating resources so that society maximises net benefits, as measured by total surplus. Economic Problem: is the problem of scarcity and choice, society need to produce resources that will be used in the best possible way rather than being wasted on producing goods that aren't valuable. Choice: every choice has a tradeoff, this surrounds the idea of opportunity cost Price: reflects economic scarcity and changes in price give incentives to both consumers and producers when making decisions about consumption and production. Market Failure: occurs when the resources are not allocated efficiently (total surplus is not maximised). Main types of Market Failure: • market (monopoly) power • externalities • public goods • common property resources Market power: - a market is ‘imperfec...
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