DIPLOMA IN EDUCATION PROGRAMME

SCHOOL OF EDUCATION
UNIVERSITY OF THE WEST INDIES, ST. AUGUSTINE

Economics LESSON PLAN

TEACHER

Miss Kimerlee Soo Ting

DATE

20.11.15

CLASS

Lower Six

TIME

11.30

UNIT

1 period(s)

60

minutes

Market structure, Market failure and intervention

TOPIC

Market failure

PRE-KNOWLEDGE
Students should understand the concept of a market and its operations
Students should be familiar with the objectives of economic agents
Students should be familiar with various economic systems

OBJECTIVES:
Pupils will:

Classification

Be able to:

Define the term market failure

Cognitive - Recall

Define the terms Public and Demerit goods

Cognitive- Recall

Explain the characteristics of a public good

Cognitive- Understanding

Understand the concept of a demerit good

Cognitive- Understanding

Appreciate causes of markets failure

Affective- Critiquing

Appreciate the consequences of their actions on others

Affective- Judging

Construct and deconstruct the formula for Private, External,

Psychomotor - Calculate

and Social benefits and costs

SET INDUCTION Time allotted: 10 mins

Question: Do you think that using the market forces of demand and supply, is best way to allocate
goods and services?

SECTION 1- Time allotted: 20 mins

Define market failure
Explain public goods as a source of market failure.
Distinguish between a private good and public good.
Explain the meaning of rivalrous and excludable.
Explain the meaning of a free rider

METHOD

Teaching Strategy

Student Activity

Resources

Use of pictures to demonstrate

Students will be questioned on the pictures

Powerpoint

who provides public goods

shown.

Cake

and to emphasize that market

Pictures

forces will be inefficient.

Napkins

Use of a cake, where students

Students will be questioned on their

will be asked to take piece to

observations from the activity

demonstrate rivalry and

excludability.
SECTIONAL REVIEW and feedback (formative assessment strategies) Time allotted: 5 Mins

Summary and oral questioning

SECTION 2- Time allotted: 15 mins

Content:

Teaching points:

Define demerit good

Distinguish between Social Cost, Private Cost, External Cost
Introduce the equation SMC = PMC + EMC
METHOD
Teaching Strategy

Students will be required in groups of 4 to

Video presentation of the give feedback on the video.

effects of secondhand smoke

Student Activity

Role play

Resources
Powerpoint
Video

Students will be required to write down the

value of their external cost

SECTIONAL REVIEW and feedback (formative assessment strategies) Time allotted: 5 mins

Summary and oral questioning

SECTION 3- Time allotted:
Content:

Teaching points:

METHOD
Teaching Strategy

Student Activity

SECTIONAL REVIEW and feedback (formative assessment strategies) Time allotted:

Resources

CLOSURE Time allotted: 5 mins

Summary

FINAL EVALUATION
Time allotted 10 mins

Reasonable level of achievement:

Multiple choice questions (12)

Related Objective

1-4, 8

FOLLOW-UP ACTIVITIES
Students are required to read up on monopolies and imperfect information and how they contribute to
market failure

TEACHERS EVALUATION OF THE LESSON

TUTORS COMMENTS