This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
Specification:
-
Market failure, government intervention and government failure
Click to watch the short video below and then answer the questions:
-
Draw an externalities diagram related to the farming industry
-
What policies could a government introduce to deal with the negative externalities of production of farming?
-
Using the video, explain some of the problems a government will face when trying to correct the market failure
-
In what respects might the private sector be better at solving problems like Rabobank than a national government?
Gavin Simpson and Pete Clift, Economics In Ten podcast