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The Meaning of Market Failure
Descripción
A Levels (Unit 1, 4 Market Failure) Economics Mapa Mental sobre The Meaning of Market Failure, creado por beth2384 el 02/01/2014.
Sin etiquetas
economics
unit 1
4 market failure
economics
unit 1, 4 market failure
a levels
Mapa Mental por
beth2384
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beth2384
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Resumen del Recurso
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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