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Monopoly power refers to a market where a single firm controls a large portion of the market share, limiting competition. Examples include utility companies. Corrective measures include antitrust laws and regulation.

Merit goods are those that society believes individuals should have regardless of their ability to pay. Examples include basic education and healthcare. Corrective measures can involve subsidies and government provision.

Price controls are government-imposed limits on how high or low a market price can go, such as price ceilings and price floors. An example of a price ceiling is rent control, while a price floor can be seen in minimum wage legislation. Corrective measures include using subsidies to address shortages or taxes to handle surpluses.

Moral hazard occurs when an entity has an incentive to take undue risks because they do not bear the full consequences of those risks. Examples include banks taking excessive risks before the financial crisis. Corrective measures include regulations to align incentives with risks, such as higher capital requirements for banks.

A negative consumption externality occurs when someone's consumption reduces the well-being of others who are not compensated by the consumer. Examples include smoking in public places or loud music at night. Corrective measures include taxes on harmful goods or regulations limiting their usage.

Negative externalities occur when the consumption or production of a good causes a harmful effect to a third party. Examples include pollution and second-hand smoke. Corrective measures involve Pigouvian taxes or regulation.

An externality of consumption occurs when the consumption of a good or service imposes costs or benefits on others that are not reflected in the price paid by the consumers. An example is smoking causing health issues for bystanders. Corrective measures include taxes, subsidies or regulations.

This describes a situation in which individual users, acting independently according to their own self-interest, deplete or spoil shared resources through their collective action. Examples are overfishing and unregulated grazing. Corrective measures include regulation and property rights assignment.

Unintended consequences are outcomes of actions that are not the ones foreseen or intended by the actors. An example is a policy to improve safety that leads to riskier behavior, known as the Peltzman effect. Corrective measures include careful policy design and ongoing evaluation of effects.

Public goods are non-excludable and non-rivalrous, meaning their use by one individual does not reduce their availability to others, and it is not possible to prevent people from using them. Examples include public parks and national defense. Corrective measures can involve government provision and funding through tax revenues.

Positive externalities occur when the consumption or production of a good causes a beneficial effect to a third party. Examples include education and vaccination. Corrective measures involve subsidies or government provision.

Demerit goods are those that are considered unhealthy, or otherwise harmful for individuals, and society discourages their use. Examples include tobacco and alcohol. Corrective measures include taxation and regulation.

Imperfect information refers to a situation in which the parties to a transaction do not have equal or sufficient knowledge, leading to inefficient market outcomes. Examples include purchasing insurance or investing in stocks. Corrective measures include consumer protection laws and regulations to ensure transparency.

Rent seeking occurs when an individual or business attempts to earn income by manipulating the economic environment rather than by creating new wealth. Examples include lobbying for trade protection or special tax benefits. Corrective measures include campaign finance reform and policies that reduce barriers to entry in markets.

The race to the bottom refers to a situation where companies or countries compete by undercutting each other, for instance, through lower wages or less strict environmental regulations. Examples include international tax competition and deregulation for attracting business. Corrective measures include international cooperation and treaties to prevent harmful competition.

A common resource is a resource like an ocean fishery or atmosphere that is non-excludable but rivalrous, meaning consumption by one imposes a cost on others. Examples include clean air and fish stocks. Corrective measures involve clearly defined property rights or government regulation to manage usage.

A negative production externality occurs when the production process imposes costs on third parties. Examples include factories that pollute the air or waterways affecting citizens' health. Corrective measures include taxes on pollution (Pigouvian tax) or regulations such as emissions standards.

The principal-agent problem arises when an agent (such as an employee or a representative) is motivated to act in their own best interests rather than those of their principal (employer or constituent). Examples can be seen in corporate management or political representation. Corrective measures include performance-based incentives and monitoring.

Non-excludability refers to a situation where it is not possible to exclude individuals from using a good, leading to free-riding behavior. Examples include public broadcast television and street lighting. Corrective measures can involve government intervention to provide and finance these goods.

Adverse selection refers to a situation where buyers or sellers have different information, leading to transactions with potentially high-risk individuals. An example is the market for health insurance. Corrective measures include mandatory disclosure of information, regulation and designing contracts to attract a broad cross-section of risks.

The free rider problem occurs when individuals benefit from resources, goods, or services without paying for them, which can result in underprovision of those services. Examples include public goods like fireworks displays or national defense. Corrective measures involve government provision and taxation.

Incomplete markets occur when some goods or risk-sharing opportunities are missing, which prevents some markets from forming. An example is the absence of a market for specific types of insurance. Corrective measures involve government intervention to provide absent services or subsidies to seed markets.

Information asymmetry occurs when one party in a transaction has more or better information than the other. Examples include used car sales and healthcare services. Corrective measures include regulations for information disclosure and warranties.

An externality of production occurs when a firm's production creates side effects that may be harmful or beneficial to others and are not reflected in the costs or benefits to the firm. An example is chemical waste affecting nearby residents. Corrective measures involve imposing taxes or subsidies to internalize the external costs or benefits.

Non-rivalrous consumption refers to a situation where the consumption of a good by one person does not diminish the availability of that good for consumption by others. Examples include a lighthouse or an online digital file. Corrective measures usually involve government provision, as markets may fail to supply these goods in adequate quantity.

Regulatory capture occurs when a regulatory agency created to act in the public interest instead advances the commercial or political concerns of the industry it is charged with regulating. An example is a government agency tasked with regulating pollution which is influenced by the polluting industries. Corrective measures include ensuring transparency and accountability in regulatory agencies.

A positive production externality exists when a company's production increases the well-being of others who are not directly involved in the transaction. An example is a beekeeper who benefits nearby farmers through pollination. Corrective measures include government subsidies to producers or cooperative agreements between benefited parties.

Market power occurs when a firm can influence the price of a good or service in the market due to lack of competition. Examples include monopolies and cartels. Corrective measures include antitrust enforcement and the promotion of competition.

Speculation involves trading a financial asset or commodity with high risk of losing value but also with the expectation of significant gain. Bubbles occur when speculation causes prices to exceed an asset's intrinsic value. An example is the housing bubble. Corrective measures include regulation and oversight to prevent extreme speculation.