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1) Explain how climate change may be seen as an example of market failure? 2) Describe possible ways of limiting the impact of market failure on public goods. Climate change refers to a long-term global environmental alteration within natural resources, such as, weather patterns and greenhouse effects, influenced by our economic system. By characterising market economy , I intend to establish its impact on the environment and discuss the ways in which changing climate affects economic activity, resulting in market failure. In the second part, I will examine the ways in which action can be taken to limit the impact of economic activity within market economies on public goods. Market economy refers to economic growth in which resources allocated through exchange in markets consist of buyers and sellers known as economic agents, such as firms, charities, and individuals, which have the right to use and dispose of their property as they like....

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