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Edexcel A Level Economics A:复习笔记1.4.2 Government Failure
Government Failure Government failure occurs when the government intervenes in a market to correct market failure, but the intervention results in a more inefficient allocation of resources from so...
Edexcel A Level Economics A:复习笔记1.4.1 Government Intervention in Markets
Government Intervention in Markets Nearly every economy in the world is a mixed economy and has varying degrees of government intervention Governments intervention is necessary for several reasons ...
Edexcel A Level Economics A:复习笔记1.3.4 Information Gaps
Information Gaps Information gaps exist in nearly all free markets and distort market outcomes resulting in market failure One of the underlying assumptions of a free market is that there is perfec...
Edexcel A Level Economics A:复习笔记1.3.3 Public Goods
Public Goods A public good is substantially different to a private good Private goods are goods which firms are able to provide to generate profits. They can generate profits as these goods are exc...
Edexcel A Level Economics A:复习笔记1.3.2 Externalities
Externalities & Different Types of Costs Externalities occur when there is an external impact on a third party not involved in the economic transaction These impacts can be positive or negative...
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Understanding Market Failure In a free market, the price mechanism determines the most efficient allocation of scarce resources in response to the competing wants and needs in the marketplace Scarc...
Edexcel A Level Economics A:复习笔记1.2.10 Alternative Views of Consumer Behaviour
Alternative Views of Consumer Behaviour Free markets are built on the assumptions of rational decision making In classical economic theory, the word 'rational' means that economic agents are able t...
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Edexcel A Level Economics A:复习笔记1.2.8 Producer & Consumer Surplus
Producer & Consumer Surplus Consumer surplus is the difference between the amount the consumer is willing to pay for a product and the price they have actually paid For example, if a consumer i...
