Application and effectiveness of measures to tackle different forms of market failure: - specific and ad valorem indirect taxes - subsidies - price controls - production quotas - prohibitions and licences - regulation and deregulation - direct provision - pollution permits - property rights - nationalisation and privatisation - provision of information - behavioural insights and ‘nudge’ theory

Government failure in microeconomic intervention: - definition of government failure - causes of government failure - consequences of government failure

Difference between equity and equality - Differentiating between equity and equality.

Difference between equity and efficiency - Differentiating between equity and efficiency.

Distinction between absolute poverty and relative poverty - Distinguishing between absolute and relative poverty.

Government microeconomic intervention (A Level)

Government policies to achieve efficient resource allocation and correct market failure

Application and effectiveness of measures to tackle different forms of market failure

Government failure in microeconomic intervention

Equity and redistribution of income and wealth

Difference between equity and equality

Difference between equity and efficiency