Unit 5: Lesson 24 - Government and the Environment Students examine and discuss visuals to identify an economic mystery regarding the failure of the Endangered Species Act. They are introduced to the concepts of market failure and government failure. Using the Guide to Economic Reasoning, they focus on positive and negative externalities in analyzing the Endangered Species Act as an example of government failure. Concepts: - Choice
- Externalities
- Incentive
- Opportunity Cost
- Future Consequences
- Government Failure
- Voluntary Trade
Standards: - Standard #1: Scarcity
- Standard #2: Decision Making
- Standard #3: Allocation
- Standard #4: Incentives
- Standard #5: Trade
- Standard #16: Role of Government and Market Failure
- Standard #17: Government Failure
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