# Key concepts

> These are the key terms used to describe market failure. Many of them come in pairs, so it is important to know exactly how each pair differs. Market failure occurs when demand and supply do not…

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## Full notes

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## More in The reasons for and consequences of market failures

- [The reasons for market failures](https://www.hlayiso.com/grade-12/economics/notes/the-reasons-for-and-consequences-of-market-failures/the-reasons-for-market-failures) — Next section
- [All The reasons for and consequences of market failures sections](https://www.hlayiso.com/grade-12/economics/notes/the-reasons-for-and-consequences-of-market-failures)

## Frequently asked questions

### What will I learn in "Key concepts"?

This section covers Key concepts as part of The reasons for and consequences of market failures in Grade 12 Economics. You'll find clear explanations, worked examples, and key definitions aligned to the CAPS curriculum.

### Is this section aligned with the CAPS curriculum?

Yes. All notes on Hlayiso, including "Key concepts", are written against the official CAPS curriculum and ATP for Grade 12 Economics.

### What should I study after "Key concepts"?

Continue with the next section in The reasons for and consequences of market failures, or test your understanding with the interactive quiz linked to this section.

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