Free 9th Grade Market Failure Lesson Plan (Humanities)

Topic: Market Failure

Objectives & Outcomes

• Identify and explain the causes of market failure, and provide examples of each type of market failure.

Materials

• Whiteboard and markers
• Handouts with examples of market failure

Warm-up

• Ask students if they have ever heard of market failure before.
• Ask them to describe what it is and give some examples.
• Write their answers on the whiteboard.

Direct Instruction

• Define market failure and explain why it occurs.
• Explain that a market is a place where buyers and sellers meet to exchange goods and services.
• Explain that market failure occurs when the market cannot function effectively and efficiently, and therefore does not achieve the goals of allocation and distribution of resources.
• List the three main causes of market failure: externalities, information asymmetry, and imperfect competition.
• Define each term and give examples.
• Have students work in pairs or small groups to research and prepare a presentation on one of the three main causes of market failure.

Guided Practice

• Have students present their research and explain how the cause of market failure they chose contributes to the overall inefficiency of the market.
• Have students work in pairs or small groups to brainstorm ideas for how to address the causes of market failure in the real world.
• Have students present their ideas to the class and discuss the potential impacts.

Independent Practice

• Have students create a project that addresses one of the causes of market failure they identified in their research. This could be a poster, presentation, or another format of their choice.
• Students should present their projects to the class and explain how their proposed solution would help to address the cause of market failure.

Closure

• Review the main points of the lesson and have students summarize their projects in a few sentences.
• Ask students to reflect on what they learned and what they now understand about market failure and the solutions proposed by economists.

Assessment

• Observe students during the guided practice activity and provide feedback on their understanding of the concepts and their ability to apply them to a real-world example.
• Review and grade the independent practice projects using the rubric provided and checking for accurate use of definitions, clear explanation of the economic solution, and proper application to the chosen example.