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AQA, Aquinas, Economics, ECON1, Markets, Market Failure

AQA, Aquinas, Economics, ECON1, Markets, Market Failure

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  • 1. ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC Information Failure Answer all the questions below 1. Define the term information failure 2. Define the term Merit Goods 3. Define the term demerit goods 4. Define the term partial market failure 5. List 3 goods which can be considered to be merit goods and for each explain why they would be classed as such 6. List 3 goods which can be considered to be demerit goods and for each explain why they would be classed as such 7. Explain the problemsthe are linked to Merit and Demerit goods