Understanding the concepts of Market Failures
Using appropriate examples, explain and illustrate the terms ‘externality’ and ‘public good’. 
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.
- Market Failures
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.
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