Market Failures, Taxes, and Subsidies: Crash Course Economics Video Analysis with Key- This is a 12 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 40 questions based on The Crash Course Economics video: Market Failures, Taxes, and Subsidies.
This assignment will ask students to go to YouTube and watch the Crash Course video: Market Failures, Taxes, and Subsidies. The video will first introduce students to the policy of a market failure- when markets alone fail to provide necessary services. National defense, education, and the fire department are used as examples for a market failure. The tragedy of the commons is then explained to students and they learn why common goods- such as fisheries, rain forests, and endangered animals are quickly depleted by humans. Explaining the tragedy of the commons leads to the topic of externalities- both positive (public education) and negative (pollution) ones. The video concludes by explaining how the government can deal with externalities- regulatory policies (laws and decrees) and market based policies (taxes and subsidies). Scenarios for both types of regulatory policies are presented- The EPA as a type of regulatory policy and cigarette taxes as a market based policy. The video concludes by discussing a cap and trade program to deal with pollution and looks at the tragedy of the commons and global climate change.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.