Thursday November 15

New Concepts:

• Stakeholders - Those who are impacted by a decision
• Consumers
• Producers
• Government
• Workers

Review Concepts:

• Diagramming Externalities
• Pop Quiz changed to Monday
• Specific types of government interventions

• Provision of Merit and Public Goods
• Laws and Regulations
• Taxes
• Advertising
• Subsidies
• Price Controls

Resources:

• Power Point - Government Response to Market Failures

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework: Continue by adding adding a specific government intervention to each of the diagrams.

Pop Quiz Monday

• Market Failure Practice Activity - After you add your government intervention.  List the stakeholders of that decision and how each would be impacted by the decision.