CHAPTER 16 TYPES OF MARKET FAILURE Flashcards Preview

EDEXCEL THEME 1 MICRO ECONOMICS > CHAPTER 16 TYPES OF MARKET FAILURE > Flashcards

Flashcards in CHAPTER 16 TYPES OF MARKET FAILURE Deck (4)
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1
Q

Complete market failure

A

When a market fails to supply any of a good which is demanded, creating a missing market.

2
Q

Market failure

A

Where resources are inefficiently allocated due to imperfections in the working of the market mechanisms.

3
Q

Missing markets

A

A market where the market mechanism fails to supply any of the good

4
Q

Partial market failure

A

When a market for a good exists but there is overproduction or underproduction of the good.