Markets: Why Markets Can Fail - A-Level Economics Revision - XtremePapers | Advancing knowledge is in our DNA

Markets: Why Markets Can Fail

Markets: How
They Work

Markets : Why
Markets Can Fail

Managing
the Economy

The Theory of Production & Cost

Globalisation
and Protection

What does market failure mean?

Reason 1 - Monopoly elements
or market dominance

Reason 2 - Externalities,
social cost and private costs

Reason 3 - Public goods

Reason 4 - Merit goods

Reason 5 - Demerit
goods

Reason 6 - Information failures

Reason 8 - Factor immobility

The distribution of income and wealth

Economies of scale

Price fixing by government or one of its bodies