PPT covering Unit 7.3
7.3 Efficiency and market failure
7.3.1 definitions of productive efficiency and allocative efficiency
7.3.2 conditions for productive efficiency and allocative efficiency
7.3.3 Pareto optimality
7.3.4 definition of dynamic efficiency
7.3.5 definition of market failure
7.3.6 reasons for market failure
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A-Level Econs - UNIT 7 & UNIT 8
7 The price system and the microeconomy (A Level) 8 Government microeconomic intervention (A Level)
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A-Level Econs (Unit 7) - The price system and the microeconomy
7.1 Utility 7.2 Indifference curves and budget lines 7.3 Efficiency and market failure 7.4 Private costs and benefits, externalities and social costs and benefits 7.5 Types of cost, revenue and profit, short-run and long-run production 7.6 Different market structures 7.7 Growth and survival of firms
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