Unit 1 ECON1 - Economics: Markets and Market Failure
Summary
Summary ALL AQA ALEVEL ECONOMICS INTO KEY WORDS
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Course
Unit 1 ECON1 - Economics: Markets and Market Failure
Institution
AQA
all contents of aqa alevel economics summarised into keywords TO HELP YOU ACE ALL YOUR ESSAYS AND MAXIMISE YOUR MARKERS
topics include
- competiveness
- government borrowing
- contestability
- monopoly
- oligopolies
- poverty
- taxation
- trade union
- unemployement
- wages
- ...
Government failure (regulatory capture, conflict of objectives, worse resource allocation)
Diagram
Positive externalities
Market failure
Allocative inefficiency (under production and consumption)
Failings of price mechanism
Private costs / social costs
Private benefits / social benefits
External benefits
Third party / positive spill over effects
Potential welfare gain
Merit goods
Policies (direct provision, subsidise, marketing, age restriction, legally enforce)
Government failure (waiting lists, worse resource allocation, bad provision schools/NHS)
Diagram
Brilliant table: top page 29 of diagram book – all types of failures
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