Unit 2.9: Economics of the environment and public goods

IB Economics: Unit 2.9: Economics of the environment and public goods

This lesson aims to introduce the concept of market failure. I like to start by asking my classes two questions. Number one what is a market place? You can even draw this on the whiteboard and then ask your classes to consider what might prevent failure, in other words what might prevent the correct number of resources being used to produce a good or service and what might prevent a product being either over or under-demanded...

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