Market Failure

35. the concept of market failure

Market power

36. the characteristics of an imperfectly competitive market 

37. the concept and causes of market power

38. how market power can influence market efficiency, i.e. a deadweight loss

39. policy options to influence market power, including regulation/deregulation and legislation

Externalities

40. the concept of externalities, i.e. positive and negative externalities

41. the influence of externalities on market efficiency, i.e. a deadweight loss

42. policy options to correct for externalities, including the use of taxes and subsidies

Public goods and common resources

43. the classification of goods, i.e. based on rivalry and excludability

44. public goods and the free rider effect

45. common resources and the tragedy of the commons 

46. policy options to reduce market failure associated with public goods and common resources