Economics – 11/19/19

I.  Bellwork: on iLearn

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 presented in diverse formats and media in order to address a question or solve a problem.

III.  Quiz Tomorrow

IV.  Discussion: Externalities, Public Goods & Tragedy of the Commons
A. Notebook/Discussion

1. Ways government encourages Positive Externalities
2. Ways government discourages Negative Externalities

V.  Classwork
A.  Whiskey fungus tarnishes homes in Kentucky

1. What is the negative externality and why is it a negative externality?
2. Is there any positive externalities associated with having a distillery in the community?
3. Explain two different approaches to solve the problem and reduce the market failure

B.   Tragedy of the Commons

1. The Tragedy of the Commons Explained in One Minute
2. South Park: Tragedy of the Commons
   1.  Explain the economic concept the tragedy of the commons.
   2.  Explain how the South Park video is an example of the tragedy of the commons

C.   Ch7 – Enrichment Activities:  1-4 Q&A

Economics F2019