1.
inability to allocate resources efficiently to satisfy society’s wants
2.
a type of market where no private firms are willing to supply a public good
3.
these goods are under-produced and under-consumed
4.
the spillover effects of production and consumption
5.
higher prices and lower output than if a number of firms were operating
6.
goods collectively consumed by society
7.
where workers lose their jobs from declining firm activity
8.
falling output and rising unemployment
