Market failure – definition
A market failure is a situation where free markets fail to allocate scarce resources efficiently. These can be complete or partial.
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Markets work well when certain conditions are met.
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Read more on market failures.
Business Economics
What Is Laissez-Faire Economic Theory?
The laissez-faire economic theory centers on the restriction of government intervention in the economy. According to laissez-faire economics, the economy is at its strongest when the government protects individuals' rights but otherwise doesn't intervene. The ...
What Is Adverse Selection?
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