Market failure

Market failure means that a market isn't working properly. In a market, people buy and sell goods. If everyone is able to buy what they need and sell what they don't need, then the market is working well. However, sometimes the market doesn't work like it should. This is called market failure. It can happen when there is not enough competition, when prices are too high, or when people don't have enough money to buy what they need. This can lead to bad things like people not being able to get the goods or services that they need.