A levels Economics (Module 1: Markets and Market Failure) Flashcards on Economics - Unit 3 - Goods, created by Amardeep Kumar on 06/01/2015.
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Created by Amardeep Kumar
almost 10 years ago
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Close
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Created by Amardeep Kumar
almost 10 years ago
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What is the reason for a market supplying goods?
What are the 2 characteristics of a private good?
What are the 2 characteristics of a public good?
Why are most public goods known as quasi?
Why is a public good also known as a missing market?
Why would the market want to supply a merit good?
Why would the state want to provide a merit good?
Why are merit goods different to private goods?
Give examples of merit goods.
What are the 3 types of pension?
Why are demerit goods deemed undesirable for human consumption by the state?
What is the consequence of the market ignoring the external costs of demerit goods?
What are the external costs of smoking?
How can the state reduce consumption of demerit goods?
