Economics – 11/14/12

I.  Bellwork Q&A

  1. What is happening in the picture?
  2. Who is impacted?
  3. How are they impacted?
  4. Why do you believe this is being allowed?

II.  Objective:

  • Identify common circumstances related to market failures and the impact externalities have on society.

III.  Video & Discussion

IV.  Classwork

  • Page 179 Vocabulary (7)
  • https://www.youtube.com/watch?v=L2W_6QJ2S2I
    a) What is the negative externality and why is it a negative externality?
    b) Comment on the likely success of different approaches to solve the problem and reduce the market failure
  • P 183 2-6 Q&A

V.  Extra Credit – Essay Competition


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