Unit 1 - Introduction to markets and market failure
Class notes
Theme 1: 1.3.3 Public Goods
13 views 0 purchase
Course
Unit 1 - Introduction to markets and market failure
Institution
PEARSON (PEARSON)
Book
Edexcel A level Economics A Book 1
Excellent study tool to revise the Public Goods section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards.
This is a relevant resource for both first-year and second-year students to revise or learn from and get the best p...
Theme 1: 1.4.1e Other Methods of Government Interventions
Theme 1: 1.4.1d Pollution Permits
All for this textbook (21)
Written for
A/AS Level
PEARSON (PEARSON)
Economics A
Unit 1 - Introduction to markets and market failure
All documents for this subject (195)
Seller
Follow
gurneek
Content preview
From the 1.3 - Market
specification...
Failure
,What are public goods and
why are they an example of
market failure?
, Market failure is a situation
where the free market
Reminde mechanism does not lead to
an optimal/efficient allocation
r: of resources and the needs
and wants of societies are
Market not met. As a result, too much
or too little of a product can be
Failure produced, leading to a
net welfare loss (society is
worse off).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller gurneek. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.86. You're not tied to anything after your purchase.
