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eBook
Unit 2.9: Public goods
Public goods, also known as pure public goods, are goods that provide significant social benefits to society but cannot be provided by the free market. They are a market failure, which means the government...
eBook
Unit 2.8(4): Common-pool resources
This section of the book provides a detailed examination of the impact that common-pool resources have on environmental economics. The chapter examines how government policy and international agreements...
eBook
Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods
We know from the previous chapters that externalities, along with merit and demerit goods, lead to market failure. Without any government intervention, resources are misallocated, and the welfare of a...
eBook
Unit 2.8(2): Market failure - merit goods and demerit goods
Merit, demerit, and public goods are all associated with significant market failure. When this happens, state intervention is important to correct these market failures. Professor Richard Musgrave (UCLA)...
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eBook
Unit 2.8(1): Market failure – externalities
Markets fail when the free market forces of demand and supply lead to an allocation of resources that does not maximise the welfare of a country’s citizens. This means that the marginal social costs of...
Assessment
Exam tracker for HL economics
This page is designed to help develop an idea of the most commonly used topics in IB examinations. The page also divides those topics by paper and also by command term. This may be useful for students...
Assessment
Exam tracker for SL economics
This page is designed to understand the most commonly used topics in IB examinations. The page also divides those topics by paper and also by command term. This may be useful for students as they begin...
Assessment
Paper 3 guidance: policy response paper
This page takes you through an example question and answer from a paper three economics examination paper. It will help learners understand how to complete the policy response. The following is a paper...
Assessment
Paper 1 guidance
This page takes you through an example question and answer from a paper one economics examination paper. It will help you identify command terms within questions and to understand what is required in...
Assessment
Paper 2 guidance
This page takes you through an example question and answer from a paper two economics examination paper. It will help you identify command terms within questions and to understand what is required in...