Market Failure Lesson Plan IGCSE Economics

Lesson Plan
Topic: Market Failure Lesson Plan IGCSE Economics- ‘MS word doc.’
Lesson Objective: are shared with the students for awareness and expectation of lesson outcome.
At the end of the lesson, the students will be able to;
Define market failure - The key terms associated with market failure: public good, merit good, demerit good, social benefits, external benefits, private benefits, social costs,
external costs, private costs. Causes of market failure - With respect to public goods, merit and demerit goods, external costs and external benefits, abuse of monopoly power and factor immobility. Examples of market failure with respect to these areas only.
Consequences of market failure - The implications of misallocation of resources in
respect of the over consumption of demerit goods and goods with external costs, and the under consumption of merit goods and goods with external benefits. Note: demand and supply diagrams relating to market failure are not required.
NB: You can add your school’s name, and logo on top, you own name, date, and class year, term and week. Also, you can rejig it for more than a lesson topic by editing the objectives, Plenary and lesson starter etc.