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Correcting Market Failure - Mind Map
Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.
View larger version of the mind map.
- Taxes
- Increase Prices
- Reduce supply
- How high do taxes need to be?
- Role of Price Elasticity?
- Cost-Benefit Analysis
- How to value costs and benefits?
- Value of Private Costs
- Value of Private Benefits
- Value of Social Costs
- Value of Social Benefits
- = Informed Decisions
- Trade-Offs
- Opportunity Cost
- Least Cost?
- Most benefit?
- Acceptable Levels?
- Subsidies
- Reduce prices
- Increase Supply
- Cost of Providing Subsidies
- Distorting Impact on Market
- Long term effects
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