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Unit 1 Markets and Market Failure


Glossary of terms
The Nature and Purpose of Economic Activity
Positive and Normative Economics

Factors of Production
Opportunity Cost
The Production Possibility Frontier (PPF)
The Allocation of Resources in Competitive Markets  
Specialisation and the Division of Labour
Short Run and Long Run
Economies of Scale
Comparative and Absolute Advantage and links
The Demand for Goods and Services and links
The Supply of Goods and Services
The Equilibrium of Demand and Supply and linksy
Consumer Surplus

Producer Surplus
Price Elasticity of Demand
Income Elasticity of Demand
Cross Price Elasticity of Demand
Price Elasticity of Supply
Demand and Supply Analysis in Product and Factor Markets:
Labour Markets
Housing Markets
Exchange rates (Money Markets)
Entry and Exit of Firms
Government Intervention in Markets:
Minimum Prices
Maximum Prices
Agricultural Markets
Indirect Taxes
Indirect Subsidies
An Introduction To Market Failure
- Private and social costs
- Market failure and externalities
- Externalities and market failure
- Negative consumption externalities
- Positive externalities
- Positive externalities and failure
- Technological spillovers
Government policies - correcting for externalities
- Pollution taxes
- Pollution regulation
- Extending property rights
- Marketable pollution permits
- The climate change levy
- Coase theorem
- Landfill tax
- Kyoto treaty
- United Nations Convention
- Marketable pollution permits: case Study with Questions
- Alaskans face thaw

- Climate Crisis: All Change in the UK
Merit Goods
De-merit Goods
De-merit goods task

Public Goods 
Indirect Taxes
Cost Benefit Analysis (CBA)
Barriers to Entry




E-mail Steve Margetts