Market failure and government intervention - Definitions

Social benefits:

Tradable permit:

Subsidy:

Polluter pays principle:

Indirect tax:

Direct tax:

Quasi-public goods:

Non-rivalry:

Free rider:

Non-excludability:

Public goods:

Demerit goods:

Merit goods:

Positive externality:

Negative externality:

Market failure:

Social costs:

External benefits:

External costs:

Private benefits:

Private costs:

Third party:

Externality:

Asymmetric information:

Information failure:

Free market mechanism:

Inefficiency:

Economic efficiency:

Productive efficiency: