The document defines different types of market failures including allocative efficiency, social efficiency, technical efficiency, and productive efficiency. It then discusses various causes of market failure such as imperfect knowledge, resource immobility, market power, inadequate provision of merit and public goods, external costs and benefits, and inequality. Specific examples are given 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.