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460383
The Meaning of Market Failure
Beschreibung
A Levels Economics (Unit 1, 4 Market Failure) Mindmap am The Meaning of Market Failure, erstellt von beth2384 am 02/01/2014.
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economics
unit 1
4 market failure
economics
unit 1, 4 market failure
a levels
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beth2384
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Zusammenfassung der Ressource
The Meaning of Market Failure
Occurs when the free market, left alone, fails to deliver an efficient allocation of resources. The result is a loss of economic and social welfare.
The 7 reasons for markets to fail
1 Negative externalities
2 Positive externalities
3 Imperfect information (causing underproduction of merit goods and overproduction of demerit goods)
4 The private sector being unable to supply important pure public goods and quasi-public goods profitably to consumers
5 Market dominance by monopolies leading to under-production and higher prices
6 Immobility of factors of production (causes unemployment)
7 Equity issues ('unacceptable' distribution of income and subsequent social exclusion)
Market Failure and Economic Efficiency
Market failure results in productive inefficiency
Businesses are not maximising output from given factor inputs
The lost output from inefficient production could've been used to satisfy more needs and wants
Resources are misallocated and producing goods and services not wanted (demanded) by consumers
This is a problem as resources could be used to make products that consumers would value more higly
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