Market Failure

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  • Created by: leonie
  • Created on: 27-11-12 11:35
When a market is not operating in market equillibrium
Market Failure
1 of 10
Consumption is more harmful than actually realised
Demerit good
2 of 10
Private benefits lower than that to society
Merit Good
3 of 10
Goods that are consumed collectively, have no rivals and are non-excludable
Public Good
4 of 10
Some features of public goods but not all
Quasi-public good
5 of 10
An example of a demerit good that has a major cost to the NHS because of adverse health problems
Fast Food
6 of 10
Benefit to individual consuming
Private beneift
7 of 10
a cost to society as a whole
Public cost
8 of 10
An example of a merit good that is free to us but not in the majority of other countries
Health care
9 of 10
someone who diectly beneifts from the consumption of a public good but does not contribute towards it's provision
Free rider
10 of 10

Other cards in this set

Card 2

Front

Consumption is more harmful than actually realised

Back

Demerit good

Card 3

Front

Private benefits lower than that to society

Back

Preview of the front of card 3

Card 4

Front

Goods that are consumed collectively, have no rivals and are non-excludable

Back

Preview of the front of card 4

Card 5

Front

Some features of public goods but not all

Back

Preview of the front of card 5
View more cards

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