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MARKET FAILURE

IGCSE ECONOMICS 
Horizontales
A police service or a street light are examples _____ goods.
These costs are the sum of both private and external costs and are considered as the true costs to society.
When unregulated producers make too much of a good that has a negative side-effect on society.
When the market produces enough goods and services to satify the wants and needs of all consumers, without causing a spillover effect, we say that the market is __________
This is the value that reflects what consumers have paid for, e.g. paying for a Covid Vaccination.
This type of market only has one supplier and be a form of market failure.
These goods have a negative spill-over on third parties, when produced or consumed, e.g. gambling or cigarettes.
Verticales
These are the actual costs of production or consumption of an individual or a firm.
This is an example of a negative side-effect from all the people who drive to work.
Deforestation of the Amazon rainforest can result in extensive external ____ to the environment due to firms seeking higher profits.
These are the negative side-effects of production or consumption
This is another word for side-effect or spill-over. It can be negative or positive.
The market _____ because too many or too few goods are produced which cause a spill-over effect on the public.
A _____ side effect is caused when firms produce using sustainable resources.
These goods are beneficial for the public when produced or consumed and the government encourages people to produce and consume these.