Explore one of the four market failures and the role of government in negative externalities. In this video, an economics instructor discusses what occurs when costs spillover to someone other than producers and how the government attempts to fix such issues.
- Because the instructor is attempting to explain the concept in 60 seconds or less, he moves quickly through the material. Consider having pupils watch this video at home so they can move through it at their own pace
- Learners should have an understanding of general costs in a free market and corresponding graphs illustrating the concept prior to beginning this video
- Uses examples that are understandable and easy to approach
- Instructor supports explanations by illustrating on a whiteboard