Market Failure key terms 0.0 / 5 ? EconomicsMarket FailureInternational BaccalaureateAll boards Created by: mili.vCreated on: 04-07-19 16:17 89106723415 Across 1. refers to the ability to maintain or preserve natural resources (14) 4. possible to exclude others from using the good once it has been provided, because you have to pay for the good to use or consume it (10) 5. goods which are rivalrous and excludable (7, 5) 10. occurs when the production or consumption of a good or service has an effect on a third party (11) Down 2. are goods that would not be provided at all in a free market but which are necessary and benefitial to society. They are non-rivalrous and non-excludable but underprovided. (6, 5) 3. goods that are beneficial to the individual and society as a whole, and are usually under-provided in a free market (5, 5) 6. consumption by one person reduces its availability to someone else (9) 7. it exists because no one is willing to pay for a good or service when there is hope that somebody else will pay for it. This is why the good will not be provided by the free market. (4, 5, 7) 8. is a method of reducing the levels of carbon dioxide emitted from burning fossil fuels. (6, 3) 9. refers to the cost of society when one more unit of a good is produced (8, 6, 4)
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