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Lecture notes

Theme 1: 1.3.3 Public Goods

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Excellent study tool to revise the Public Goods section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards. This is a relevant resource for both first-year and second-year students to revise or learn from and get the best possible grade.

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Institution
PEARSON (PEARSON)
Module
Unit 1 - Introduction to markets and market failure










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Peter Smith Edexcel A level Economics A Book 1
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  • 9781471830006
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Study Level
A/AS Level
Examinator
PEARSON (PEARSON)
Subject
Economics A
Unit
Unit 1 - Introduction to markets and market failure
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Uploaded on
May 26, 2021
Number of pages
18
Written in
2020/2021
Type
Lecture notes
Professor(s)
Mr. payne
Contains
All classes

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Content preview

From the 1.3 - Market
specification...
Failure

,What are public goods and
why are they an example of
market failure?

, Market failure is a situation
where the free market
Reminde mechanism does not lead to
an optimal/efficient allocation
r: of resources and the needs
and wants of societies are
Market not met. As a result, too much
or too little of a product can be
Failure produced, leading to a
net welfare loss (society is
worse off).

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