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Topic 1.3.1 to 1.3.4 Market Failure student version
Topic 1.3.1 to 1.3.4 Market Failure student version

... • Illustrate: the external costs of production using marginal analysis; the distinction between market equilibrium & social optimum position; welfare loss • Illustrate: the external benefits of consumption using marginal analysis; the distinction between market equilibrium & social optimum position; ...
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...  is a situation where a family’s income is too low to be able to buy the quantities of food, shelter, and clothing that are deemed necessary.  is a relative concept. In Canada, poverty is measured by using a lowincome cutoff.  low-income cutoff is the income level at which a family spends 54.7 pe ...
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Externality



In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-proof his home may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved. Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are therefore inefficient.
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