Economics – 11/15/19

I.  Bellwork

Chapter 7 - China Smog

Questions & Answers

  1. What is happening in the picture? (Not a fire.)
  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.
  • Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence
  • Determine central ideas of a text and analyze their development over the course of the text, including how they interact and build on one another to provide a complex analysis;

III.  Retakes Tuesday after school (I leave at 3:20)

IV.  Video & Discussion

A. Externalities

B. Externalities: When Is a Potato Chip Not Just a Potato Chip?

V.  Notebook Work/Discussion:

A. Tree Map: Causes of Market Failures-Pgs 180-181

B. Distinguish between a positive and negative externality

C. Identify methods the government uses to discourage negative externalities and encourage positive externalities

D. Provide examples of a positive externalities  and explain how they impact 3rd party positively.

E. Provide examples of a negative externalities  and explain how they impact 3rd parties negatively.

VI.  Classwork

  • Page 179 Vocabulary (7)
  • P 183 2-6 Q&A

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