Week 4 – When the Price is NOT Right

On October 8, we will look at the times when the market is interfered with or not working.

 First up will be price controls or price floors and price ceilings.  As a case study we will focus on the minimum wage.  Second we will look at other types of goods.  So far, we have only dealt with private goods.  There are three other types of goods to consider: club goods, common resource goods and public goods.

To do before class:

__ Watch videos below:

Market Failures:  Ep 31 Market Failures; Ep 32: Externalities; Ep 33 Public Goods

Price Controls: MR University videos.  In an effort to avoid the book I have found more detailed (and a little longer) videos.  Club GoodsTragedy of the Commons;

___ Use the note pages I handed out last week for focused notetaking.  In addition to given terms get the definitions and examples of the following terms:

Free Rider

Unintended Consequences

 

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