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461921
The Impact of Government Intervention on Market Outcomes
Description
A Levels Economics (Unit 1, 5 Government Intervention in the Market) Mind Map on The Impact of Government Intervention on Market Outcomes, created by beth2384 on 01/03/2014.
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economics
unit 1
5 government intervention in the market
economics
unit 1, 5 government intervention in the market
a levels
Mind Map by
beth2384
, updated more than 1 year ago
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Created by
beth2384
over 10 years ago
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Resource summary
The Impact of Government Intervention on Market Outcomes
The role of Markets and the Government in...
Health Care
Housing
Agriculture and the European Union's Common Agricultural Policy (CAP
Transport
The Environment
Free market doesn't consider external costs
Issues pollution permits, taxes fuel
Car, bus, train and air travel are provided.
Taxes fuel as it has negative externalities. Issues franchises for rail travel (would be pointless having many different tracks)
Free market operates within the price band of a buffer stock
Government provides subsidies. CAP operates buffer stocks to maintain prices.
Allocated to those who can afford (inability for young people to get on housing ladder could be market failure).
Provided to those on low incomes through council houses
some people would be unable to afford it if left to the free market
Provided through taxation (the NHS) so free to all, excess demand so waiting lists
Role of Market
Role of Government
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