The key areas of market failure are

The key areas of market failure are well known but are worth repeating here. Primary
concerns include:
● the unwillingness of markets to produce goods and services which are either unprofitable
or which it is not practical to provide through private means (i.e. public goods
such as defence, social services, and so on);
● the likely under-provision of certain goods and services felt to be of general benefit to
the community (i.e. merit goods such as education, libraries, and so on);