Assessment Task 3.docx

Assessment Task 3.docx - Economic Issues An Introduction...

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Economic Issues: An Introduction — F7J8 34 Assessment – 3 Assessment task instructions You are asked to complete the following short investigative exercise by answering question 1 and one question from questions 2, 3 and 4. As a guide your responses may in total be approximately 800 to 1,000 words in length. Relevant material collected during your investigation may be placed in an appendix. Your response to the questions must be in your own words and where appropriate, sources should be attributed. Answer question 1 and one question from questions 2, 3 and 4. 1. Explain what is meant by the term ‘market failure’. In your answer you must refer to the role of government in relation to each of the following: Public goods Merit goods Externalities Imperfect competition Answer one question from questions 2, 3 and 4. 2. Select one current government policy on competition and: (a) Explain the policy selected. (b) Identify and describe the instruments used to achieve your chosen policy. (c) Evaluate the success or failure of your chosen policy in relation to its use within the UK.
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