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More cards in this set
Card 6
Front
What is 'asymmetric information'?
Back
Card 7
Front
What is an 'externality'?
Back
Card 8
Front
Who experiences private costs and benefits?
Back
Card 9
Front
What are external costs and benefits?
Back
Card 10
Front
What are social costs and benefits?
Back
Card 11
Front
When do negative externalities occur? Give an example of a negative externality
Back
Card 12
Front
What effect do negative externalities have on the market?
Back
Card 13
Front
When do positive externalities occur? Give an example of a positive externality
Back
Card 14
Front
What effect do positive externalities have on the market?
Back
Card 15
Front
What are 'merit goods'?
Back
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