Wednesday November 14

Review Concepts:

• Diagramming Externalities
• Pop Quiz on Friday

New Concepts:

• 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 Friday

• Market Failure Practice Activity - Add a specific government intervention to each diagram