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.