Economics: Market Failure Day 4

By kuzma_b 　

Economics: Market Failure Day 4, Weds/Thurs, Oct 25th/Oct 26th

  • Practice Externalities Graphs
  • Start Externalities Practice Test
  • Start Externalities Poster Project

Homework: Bring three econ articles to start Internal Assessments by next class. 

2nd Half of Micro Study Guide (Nov. 6th/7th)

Merit goods, demerit goods, positive/negative externalities of production/consumption and their graphs, government intervention (tradable permits, advertising, regulation, indirect tax, subsidy), welfare loss/welfare gain, pareto optimal, Monopoly graph, subsidies, PED, XED, complimentary goods, indirect taxation, percentage(ad valorem) taxes, specific taxes, substitute goods, PES, Determinants of PED, Basic Supply and Demand Graphs, inferior goods, normal goods

Advice for articles due next class: goto news.google.com, search a good or service you might be interested in. Key terms in searching include, but are not limited to: price, revenue, sales, tax, and subsidy. This article should not be longer than two printed pages. It should not have many normative statements/evaluation, but focus on what is happening. It must be from a credible news source and have been published in the past year. Below are a few good examples from the past:

http://www.foxnews.com/world/2014/04/01/lime-prices-in-mexico-soar-as-drug-cartels-and-bad-weather-take-toll-on-crop.html

http://www.scmp.com/news/china/article/1402249/china-considers-launching-tradable-pollution-permits-campaign-clean-air

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