Market Failure Flashcards
1
Q
Public goods
A
They are goods that can be used by the public from which they can benefit from.
2
Q
Merit Goods
A
They are the goods that create a positive effect on the society / environment. Example schools
3
Q
External costs
A
They are the negative impacts on society due to the production of goods and services
4
Q
External benefits
A
They are positive impacts on society due to the production of goods and services.
