Social costs and benefits differ from private costs and benefits because social measures include
effects on third parties as well as effects on buyers and sellers
only the money price paid by consumers
only the profit received by producers
the private effects but never external effects
83 exam-style questions on AQA GCSE Economics 1.6 Market failure, covering 1.6.1a Market failure as misallocation of resources, 1.6.1b Government intervention, 1.6.2a Defining externalities, and 1.6.2b Positive and negative externalities. Each one has a worked solution and a mark scheme showing where the marks go.