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Syllabus 1.4
Market Failure |
Plastic: market failure?
Sports wear: market failure?
PAJ - 6 market failures
Welker on Market Failure
Bhopal Disaster
Global warming: Zimbabwe
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Foodie - Externalities
PAJ- Negative Externalities
PAJ-Positive Externalities
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1.4 - Market Failure Dictionary
1. Market failure 2. Welfare loss 3. EU Emission Trading Scheme (EU ETS) 4. extending property rights 5. external benefit 6. external cost 7. marginal private costs (MPC) 8. marginal social costs (MSC) 9. market failure 10. merit goods 11. nationalization 12. negative externalities of consumption 13. negative externalities of production 14. positive externalities of consumption 15. positive externalities of production 16. privatization 17. public goods (non rivalrous / non excludable) 18. free rider problem 19. demerit goods 20. merit goods 21. tradable permits 22. regulator 23. common access resources 24. sustainability HL 25. asymmetric information 26. monopoly Syllabus phrases to watch out for: 1. public goods (non rivalrous / non excludable) 2. free rider problem 3. carbon taxes 4. ‘cap and trade’ scheme For HL students should watch out for the following in relation to item 41 of the syllabus: 5. nationalization 6. trade liberalization note: 5+6 are possible responses to monopoly and government could use options 5 and 6 to reduce the anti competitive nature of the monopoly. |
