Complete Lesson.

• Topic: Market Failure. Private & Social Costs & Benefits Public and Private Spending * ’ppt’ IGCSE Economics.
  User guidelines:

  Duplicate the file. Deplete the Class Activity and Questions Answers in the file copy.
  Give the file or PDF copy to students.
  Do a 5 - 10 minutes explanation of your lesson topic/objectives that you want to achieve.

Engage them to learn and work to excel, using the file copy.
Relax and simply guide them as they work. You can consistently produce A*s, As, and Bs.
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Lesson Objectives
At the completion of the lesson, all students should be able to;

• Define market failure and the key terms in 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 - implications of misallocating 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: diagrams of demand and supply relating to market failure are not required.
  Keywords, ‘Class Activities’ and ‘Multiple Choice Questions’ with ‘Answers.’