ILO:
a) Understanding of market failure
b) Types of market failure
o externalities
o under-provision of public goods
o information gaps
a) Understanding of market failure
b) Types of market failure
o externalities
o under-provision of public goods
o information gaps
Market Failure
Watch the following videos associated to market failure:
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Externalities and Market Failure I A Level and IB Economics
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Y1/IB 21) Types of Market Failure
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Negative Externalities
Explain how negative externalities lead to market failure for plastic goods. (5 marks)
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Removing a plastic straw from a sea turtle's nostril - Short Version
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Report: How plastic in the Ocean impacts your health | #OceanRescue
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Additional reading:
External Costs of Pollution from Plastic
Pollution linked to one in six deaths
External Costs of Pollution from Plastic
Pollution linked to one in six deaths
Identify the difference between the private cost and the external cost to a 3rd party in the following videos. (3 marks)
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130-Ton "Fatberg" Causing Stink In London Sewers
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