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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!
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robalot39
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Last updated: May 29, 2019
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First submittedMay 27, 2019
Times taken34
Average score30.0%
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Description
Term
Where people may support something as long as it does not affect and/or inconvenience them
NIMBY Syndrome
The way in which the benefit of receiving a subsidy is divided between consumers and producers
Incidence of a Subsidy
The term for the amount of tax absorbed by both consumers and producers
Burden
A benefit enjoyed by a third party
External benefit
Where the social costs of production and/or consumption exceed the private costs as a result of no appropriate compensation being paid
Negative Externality
Where a government focuses on quick fixes to problems
Short-Termism
The difference in area between the pre-tax surplus and the post-tax surplus on a demand and supply curve
Deadweight Welfare Loss
Where a government designs policies for their own political benefit
Political Self Interest
Where the costs of implementing, and/or regulating a policy are too high
Excessive Administation Costs
A good or service that a consumer cannot decide against using due to collective supply
Non-Rejectable
A good or service that a consumer can decide against using
Rejectable
Where a person is willing to take more risks because someone else must bear the costs
Moral Hazard
What should a subsidy equal when there are external benefits?
Marginal External Benefit
Where resources are distributed in a way that maximises consumer satisfaction, and where the price of a product is equal to the marginal cost of producing it
Allocative Efficiency
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 payment made by the government to a supplier of products that are considered to be essential or which provide beneficial effects
Subsidy
Composed of both productive efficiency and allocative efficiency
Economic Efficiency
A price above which producers cannot charge for their product
Maximum Price
The cost incurred by an individual or firm as a result of its activities but which is borne by a third party
External Cost
Where a government policy is implemented without full knowledge of, or with incorrect information on a certain factor
Information Gaps
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