12th Grade Introduction To Market Failure Lesson Plan Example (Economics)

Topic: Introduction to Market Failure

Objectives & Outcomes

  • Students will be able to define market failure and identify the causes of market failure.
  • Students will be able to identify and give modern examples of market failure.

Materials

  • Whiteboard and markers
  • Handout with definitions and examples of market failure
  • Any additional materials for giving modern examples of market failure (e.g. newspaper articles, videos, etc.)

Warm-up

  • Ask students if they have ever heard of market failure before. Ask them to describe what a market failure is.
  • Introduce the topic of today's class: introduction to market failure. Explain that a market failure is when a market does not function as efficiently as it could and causes negative effects on society.

Direct Instruction

  • Review the definition of a market failure.
  • Use the handouts to provide examples of different types of market failures, such as externalities, public goods, and monopoly. Discuss the causes and consequences of each type of market failure.
  • Discuss some modern examples of market failure. Ask students for examples as well.

Guided Practice

  • Divide the class into small groups. Give each group a modern example of market failure.
  • Have students work together to identify the cause(s) of the market failure and discuss the potential consequences.
  • Bring the groups back together and have them share their findings with the class.

Independent Practice

  • Have students choose one of the examples of market failure from the guided practice and write a short essay on the cause(s) of the market failure and the potential consequences. Encourage students to use specific examples from the example to support their analysis.

Closure

  • Have students share their essays with the class and discuss the implications of market failure on society.

Assessment

  • Use a grading rubric to assess students' understanding of the concept of market failure, its causes, and modern examples of market failure.

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