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Understanding the concepts of Market Failures

Using appropriate examples, explain and illustrate the terms ‘externality’ and ‘public good’. [10]

Question Requirements


What you need to know to attempt this essay question?

First of all, you have to be able to identify and explain the meaning of ‘externality’ and ‘public good’. Then, you are required to expand on the definitions by providing examples to these economic terms. Additionally, you should depict diagrams that shows the implications of externality and public goods.

Chapters

  • Market Failures

Knowledge Application


How to apply the economics knowledge for your revision?

Starting with the eLearning video, you will develop an understanding of the question requirements. Following which, set an outline for your economics essay based on the two key terms, as described in the question. Start on your essay with your outline as a guide. However, remember to set a time limit (recommended 15 minutes) for the 10-mark question to condition yourself.

Simon Ng

Founder, JC Economics & General Paper Tutor at Economics Focus
JC Economics Tutor Simon Ng of Economics Focus has been teaching A Level Economics and A Level General Paper since 2003. Simon set up Economics Focus to assist students in their pursuit of academic excellence at the examination by providing economics tuition for H1 and H2 students. JC1 and JC2 students are inspired by Simon's clear teaching methods that enabled them to comprehend economics terms and concepts. Simon developed the Rational Thinking methodology to aid students to excel in their JC economics essays and CSQs.
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