EconomicsCode 2281
Government intervention to address market failure
What this topic asks you to be able to do
- indirect taxation, subsidies, and minimum and maximum prices in product markets: what each one means, how to draw and read its diagram, and its advantages and disadvantages
- definitions, and the advantages and disadvantages of regulation, privatisation, nationalisation, the direct provision of goods and services, and quotas, e.g. limits on how much natural resources may be extracted