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Edexcel Economics 3 Market Failure & Government Intervention

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by robalot39
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Last updated: May 29, 2019
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First submittedMay 27, 2019
Times taken30
Average score35.0%
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Description
Term
A good or service that a consumer can decide against using
Rejectable
A price above which producers cannot charge for their product
Maximum Price
Where the implementation of one government policy will adversely affect another
Conflicting Policy Objectives
A cost incurred and borne by an individual or firm as a result of its activities which is reflected in market price
Private Cost
A good or service that a consumer cannot decide against using due to collective supply
Non-Rejectable
Attempting to deal with an externality by absorbing its external costs and benefits into the price system
Internalising an Externality
What should a subsidy equal when there are external benefits?
Marginal External Benefit
A benefit enjoyed by an individual or firm
Private Benefit
Where people may support something as long as it does not affect and/or inconvenience them
NIMBY Syndrome
Where the social costs of production and/or consumption exceed the private costs as a result of no appropriate compensation being paid
Negative Externality
Description
Term
Where a government focuses on quick fixes to problems
Short-Termism
A misallocation of resources arising from government intervention
Government Failure
The sum of consumer and producer surplus
Community Surplus
A positive or negative externality that is caused by the supply side of the market
Production Externality
The way in which the benefit of receiving a subsidy is divided between consumers and producers
Incidence of a Subsidy
A tax levied on expenditure on goods or services such as VAT
Indirect Tax
Where a person lacks crucial information to make rational decisions
Imperfect Information
That the actions of consumers, producers, and governments will always have effects that are unintended or unanticipated
Law of Unintended Consequences
The total of both private cost and external cost
Social Cost
A tax that falls uniformly upon all consumers thus taking a larger percentage of income from low-income earners than from high-income earners
Regressive Tax
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