Cambridge AS & A Level Economics
7.3Efficiency and market failure
Efficiency and market failure in Cambridge AS & A Level Economics: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic21 practice questions1 lesson
Overview
Market failure (7.3.5-7.3.6) is taught in the lesson covered at 3.1.
Learning objectives
What the syllabus expects you to be able to do.
- 7.3.1Define productive efficiency and allocative efficiency.
- 7.3.2Explain the conditions for productive and allocative efficiency.
- 7.3.3Explain Pareto optimality.
- 7.3.4Define dynamic efficiency.
- 7.3.5Define market failure.
- 7.3.6Explain the reasons for market failure.
Lessons
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Judging how well markets use resources: the five kinds of efficiency
50 min
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Sample question
A sample question on this topic. Answer it, check it, then read the worked answer.
Turn Efficiency and market failure into a strength.
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