A levels Economics (Module 1: Markets and Market Failure) Flashcards on Economics - Unit 3 - Externalities, created by Amardeep Kumar on 06/01/2015.
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Created by Amardeep Kumar
over 9 years ago
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Close
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Created by Amardeep Kumar
over 9 years ago
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What are the three functions of the market?
Define market failure.
What are private costs?
What is private benefit?
What are social costs?
What is social benefit?
How is the market price determined?
What are externalities?
Why do producers and consumers ignore externalities?
What are external costs?
What are external benefits?
How is the social cost calculated?
How is the social benefit calculated?
What are the characteristics of positive externalities in production?
What are the characteristics of negative externalities in production?
What are the characteristics of positive externalities in consumption?
What are the characteristics of negative externalities in consumption?
