Market Failure and Government Intervention

About Market Failure and Government Intervention

Market Failure and Government Intervention is a key topic in the OCR GCSE Economicsspecification. This topic covers types of market failure and corrective policies.

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Definition of market failure When markets fail to allocate resources efficiently Definition of externalities Private costs External costs Social costs Private benefits External benefits Social benefits Negative externalities Negative externalities of consumption Negative externalities of production Positive externalities Positive externalities of consumption Positive externalities of production Over-production from negative externalities Under-production from positive externalities Definition of merit goods Characteristics of merit goods Examples of merit goods Education as merit good Healthcare as merit good Under-consumption of merit goods Information failure Definition of demerit goods Characteristics of demerit goods Examples of demerit goods Tobacco as demerit good Alcohol as demerit good Over-consumption of demerit goods Definition of public goods Non-excludability Non-rivalry Free rider problem Examples of public goods Street lighting National defence Indirect taxes Effect of indirect tax on market Tax incidence Subsidies Effect of subsidies on market Minimum prices Maximum prices State provision Government provision of public goods Government provision of merit goods Regulation Definition of government failure Unintended consequences Information gaps Administrative costs

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Market Failure and Government Intervention

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