Market failure occurs when resources are not allocated efficiently by the market, leading to a waste of resources and reduced welfare for society.
Costs or benefits affect people who are not directly involved.
Example: Factory pollution affects nearby residents.
The government helps the economy work smoothly and improves the quality of life of people.
Builds roads, bridges, and railways.
Provides education and healthcare.
Tidal power is energy produced from the movement of ocean tides caused by the gravitational pull of the Moon and the Sun.
Renewable source of energy
Produces very little pollution
Predictable and reliable
Energy resources are sources that provide energy for heating, lighting, transport, and running machines.
These resources can run out because they take millions of years to form.
Coal
Estimate the number of years left until the non-renewable energy is used up completely.
Is it possible to turn non-renewable energy into renewable energy? Why do we still use non-renewable energy if it’s bad for the environment?
Can market failure be prevented?
How do you face market failure? Is there a comeback after one?
Reminder - do not copy paste answers from ChatGPT, just write what you have understood.