What are the four types of market failures? Explain

There are various reasons of market failure; the four types are given below:

• Imperfect information: when any of the parties in the market has lesser information, it may lead to give lower satisfaction to that person wither producer or consumer as it will decrease the surplus gain from the economic transaction.
• Externalities: It is the action of a person that affects the surrounded area or the other people in the society. It can be positive or negative that will change the welfare of the people.
• Market Control: when the market is controlled by the government, some of the producers are unable to give their maximum due to restriction imposed by the government and that will lead to inefficient use of resources.
• Public Goods: public goods are the goods provided by the government for the use by anyone in the economy. This are the goods produced by the government by using the taxes paid by the households but there can be some free rider who are owning the goods without paying for it, which leads to inefficiency of the market.