Market failure

{
  "id": "MLC-T-ENV-016590",
  "term": "Market failure",
  "field": "Environment",
  "term_source": "Market Failure",
  "definition": "A market failure occurs when the allocation of goods and services by the free market is not economically efficient. The most common causes of market failure are externalities, market power and inadequate or asymmetric information. Externalities are the most likely cause of market failure in an environmental context.",
  "subject": "Social and economic factors",
  "references": [
    "Economic Analyses Glossary; Preparing Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/market-failure/"
}