Lesson: Market Failure and the Role of the Government Economics • Third Year of Secondary School

In this lesson, we will learn how to identify different types of goods and the role of the government in fulfilling certain human needs due to market failure.

Lesson Plan

Students will be able to

understand the characteristics of private goods, public goods, artificially scarce goods, and merit goods,
understand the definition of market failure,
understand the reasons behind market failure and how it motivates the government intervention in the economy,
understand the following three economic roles of the government: satisfying public and social wants, achieving economic growth and stability, and achieving equity,
understand the following pillars of capitalism: private ownership, profit motive, and market mechanism,
understand the definition and different forms of privatization and their benefits.