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Economics > Lesson 30 > Flashcards

Lesson 30 Flashcards

1
Q

Demerit goods are overconsumed/underconsumed

A

over consumed

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2
Q

Merit goods are overconsumed/underconsumd

A

under consumed

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3
Q

Advantages of a market economy?

A

Invisible hand - unintended social benefit of selfishness

Prevents gov. overreach

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4
Q

Disadvantages of a market economy?

A

Market failures

Demerit goods overproduced + vice versa

Monopoly

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Economics (66 decks)

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