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3401741
Market Failure
Descripción
-
Sin etiquetas
market failure
mind map
explanation
Mapa Mental por
Grace Frances
, actualizado hace más de 1 año
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Creado por
Grace Frances
hace más de 9 años
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Resumen del Recurso
Market Failure
Externalities
Merit Goods
In a Free market system, they tend to be Underconsumed/underproduced
How to encourage the consumption/production of merit goods?
Subsidise the merit goods
Tax incentive
Public Campaign
e.g.
vaccines
medicine
External benefits when they are consumed/produced
Demerit Goods
They tend to be overconsumed/overproduced
How to discourage the consumption/production of demerit goods?
Impose indirect taxes on those goods
Prohibition and laws
e.g.
alcohol
external costs
External costs when they are consumed/produced
Public Goods
No one is willing to provide public goods in a market economy due to its non-rivalry/excludable nature.
Failure in the economy in the allocation of resources
Information Failures
Moral Hazard
When a customer is misinformed from a more informed supplier so the consumers can the wrong choices - misallocation of resources
Can be helped by placing regulations
Adverse selection
Suppliers/producers are misinformed and makes the wrong choice - misallocation of resources
Imperfect Competition
Monopolies might occur and would set the price . Customers would suffer from this high price
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