Difference between revisions of "Market failure"
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| − | Market failure is the inability of an economy or market to allocate its resources efficiently. Often the failure is due to an externality, such as a war or natural disaster. | + | '''Market failure''' is the inability of an [[economy]] or market to allocate its resources efficiently. Often the failure is due to an externality, such as a war or natural disaster. |
[[category:economics]] | [[category:economics]] | ||
Revision as of 00:56, October 3, 2007
Market failure is the inability of an economy or market to allocate its resources efficiently. Often the failure is due to an externality, such as a war or natural disaster.