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market failure - Coggle Diagram

- - - - benefits to households to lighten financial burdens
      - eg. unemployment benefit
    - - benefits received by people other than the consumer and producer
      - eg. someone taking the bus prevents traffic, allowing other people to travel quicker
    - - benefit producer or consumer will receive after a transaction
      - eg. profit earned
  - - - eg. traffic, climate change, pollution
      - uncompensated social or environmental cost
    - - cost a firm or consumer pays to buy a good or service
      - eg. price of a good
    - - cost estimated from viewpoint of society
      - eg. air pollution, litter
  - - - good or service that is considered unhealthy, degrading or socially unacceptable
      - eg. drugs, porn, junk food
    - - commodity or service available to all
      - eg. parks, street lights
      - non-excludable, non-rivalrous
    - - commodity produced for external benefits (the greater good) rather than individual profit
      - eg. education, public parks