Economics A-Level Flashcards
Sample (from 93 notes)
|Front||Tradeable pollution permits|
|Back||These are pollution permits that can be bought and sold in a market. This is an attempt to solve the problem of pollution by creating a market for it.These permits are tradeable -> this means that firms can sell them to other firms|
|Front||Ways a government can intervene in a market|
|Back||- taxation- subsidies- provision of public goods- maximum prices- minimum prices- provision of market information- trade pollution permits- regulationThe disadvantages of government intervention can lead to government failure|
|Front||Rational Decision Making|
|Back||The assumption that consumers aim to maximise utility, and producers aim to maximise profit|
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