This lesson looks at how monopolies can cause market failure. The lesson includes lots of detailed theory, diagrams, examples and tasks. The lesson covers the following key theory:
* What monopolies are
* Pure and natural monopolies
* Barriers to entry
* The role of the government to monopolies
* Advantages of monopolies
* Disadvantages of monopolies
Main lesson aim: Students will understand what market failure is and the main causes of market failure.
The lesson starts with a fun starter to help re-cap on the various market structures and get into the appropriate groups. I also have made a nice 'You Say We Pay' game to help cover the key theory. I have also included a tough quiz on the topics covered. I have also included a student copy of the PPT. This lesson is perfect Economics.