Market Failure

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Across
  1. 2. = private benefit + external benefit
  2. 6. An example of someone who is a freerider
  3. 10. individuals with access to a public resource act in their own interest
  4. 11. example of external cost
  5. 12. negative spillover effects of production or consumption incurred by third parties
  6. 13. benefits of production and consumption experienced by an individual firm, household or government
Down
  1. 1. the actual costs of an individual firm, household or government
  2. 3. someone who enjoys the benefits of a product or service but doesn't pay
  3. 4. = private + external costs
  4. 5. positive side-effects of production or consumption experienced by third parties for which no money is paid
  5. 7. Every person can access and use it
  6. 8. occurs when the production and/or consumption of a good or service causes additional positive or negative side-effects to a third party
  7. 9. If one person uses a public good, another person can and is unaffected