Economics – 12/07/2016
I. Bellwork
- SAT Reading Questions
II. Objective:
- Discuss and provide analysis of the societal impact externalities and market failures (tragedy of the commons) while also exploring possible methods to resolve these issues..
- Integrate and evaluate multiple sources of information to examine situations which create the tragedy of the commons and address possible solutions.
III. Discussion: Externalities, Public Goods & Tragedy of the Commons
A. Tragedy of the Commons
IV. Classwork
A. Ch7 – Enrichment Activities: Q&A 1-4
B. Create an example of a situation illustrating the Tragedy of the Commons.
- Provide detail and explain why your example illustrates the tragedy of the commons.
- Provide a solution/strategy that may be successful used to correct the problem and explain how it will work in detail.
C. Obama moves to curb car emissions
- What is the market failure that the government is trying to reduce?
- How is the government attempting to fix the failure?
- What government agency/agencies may be involved?
- How effective do you believe this policy is likely to be in reducing the market failure?
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