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You are here: A-Level Economics Government intervention in price systems

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Government Intervention in price systems

In this Unit of AS/A Levels Economics, the following topics will be considered: 

For both AS and A Levels

  • Externalities
  • Social costs as the sum of private costs and external costs
  • Social benefits as the sum of private benefits and external benefits
  • Decision making using cost-benefit analysis
  • Private goods and public goods
  • Merit goods and demerit goods
  • Government intervention via maximum price controls, price stabilisation, taxes, subsidies, direct provision of goods and services

For A Levels only

  • Sources of market failure
  • Meaning of deadweight losses
  • Market imperfections – existence of monopolistic elements
  • Objectives of government microeconomic policy: efficiency, equity
  • Additional policies to correct market failure: regulation, Policies towards income and wealth redistribution, Effectiveness of government policies
  • Privatisation

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