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This Concept Map, created with IHMC CmapTools, has information related to: market failure & govt intervention 01, underproduced/ underconsumed when they generate ????, Resource allocation using the price mechanism/free market, Goods categorised as Demerit Goods, Negative Externalities a source of Demerit Goods, Public Goods a source of Demerit Goods, market does actually function but it produces at the wrong price, market failure which can be complete, Merit Goods that are underproduced/ underconsumed, Unlimited Wants vs. Limited Resources which implies the need for Resource allocation, Central problem of Economics is Scarcity, Resource allocation may be classified as Economic Efficiency, Merit Goods that generate Positive Externalities, No market failure where Demand = MPB = MSB, market failure a source of Demerit Goods, Goods categorised as Merit Goods, underproduced/ underconsumed for Externalities, complete when market simply does not supply products at all, Efficient when No market failure, overproduced/ overconsumed for Goods, Externalities categorised as Positive Externalities