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Wednesday 27 October 2010

Unit 1: Intro video to Market Failure

This astonishing documentary has many vivid sections that we can use to teach economic concepts. This film acts as a great introduction to the concept of market failure, highlighting issues such as; the tragedy of the commons, economies of scale, government failure and when looking at how a long-run fall in supply can impact on the prices consumers pay in the shops. It invites discussions about how to achieve sustainability in fishing and the costs and benefits of different schemes including marine parks in the oceans.

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