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10 cards from this deck
Tool solving economic problems via price signals in market economy
Where demand & supply of finished goods/services interact
Trade inputs for production: land, labour, capital, enterprise
Resources allocated to satisfy consumer wants effectively
Price mechanism fails to account for social costs/benefits
Creates shortage (excess demand) at below-equilibrium price
Creates surplus (excess supply) at above-equilibrium price
Social costs not considered by producers, e.g. pollution
Non-excludability and non-rivalry; suffer free-rider problem
Products with positive externalities, underconsumed in free market
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