This document defines and discusses different types of market failure including allocative efficiency, technical efficiency, productive efficiency, social efficiency, and Pareto efficiency. It then outlines several specific causes of market failure such as imperfect knowledge, differentiated goods, resource immobility, market power, inadequate provision of merit and public goods, external costs and benefits, and inequality. Examples are provided for each type of market failure. The document concludes by mentioning some measures governments can take to correct market failures like state provision, taxation, subsidies, and regulation.