More cards in this set

Card 6

Front

... = Private Benefits + External Benefits

Back

Preview of the front of card 6

Card 7

Front

Another term for externalities is ...

Back

Preview of the front of card 7

Card 8

Front

... are a type of market failure because the market puts out the wrong signals

Back

Preview of the front of card 8

Card 9

Front

Negative externalities in ... include: Factories creating pollution and The use of Pesticides

Back

Preview of the front of card 9

Card 10

Front

Negative externalities in ... include: Excessive alcohol drinking and Passive smoking

Back

Preview of the front of card 10

Card 11

Front

... private benefit is the extra benefit derived from consuming one more item

Back

Preview of the front of card 11

Card 12

Front

... private costs are the costs of producing the next item( which can also be the supply curve)

Back

Preview of the front of card 12

Card 13

Front

... is the the loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved

Back

Preview of the front of card 13

Card 14

Front

Government ... to tackle negative externalities: Bans and regulation, Taxes, Education providing information, Subsidising alternatives and Pollution permits

Back

Preview of the front of card 14

Card 15

Front

The ... principle is when the people who create pollution, have to pay more money

Back

Preview of the front of card 15
View more cards