Unit 4: Market Failure and the Role of Governments

Assigned Readings and Topics

4A Factor Markets

• pgs. 510-518
• Given the appropriate data, construct a Marginal Revenue Product Schedule for a resource used for production in a perfectly and imperfectly competitive market

4B Wages

• Watch Mr. T's lecture
• Draw a monopsony graph. Identify the wage and Quantity of labor hired. Show on the graph what the wage and quantity of labor hired would be if this was a perfectly competitive labor market. Be able to show on the graph where wage and quantity would be at with a Union.

4C Externalities

• pg. 433-450
• Define and give examples of externalities and third-party costs as well as interpret externality graphs

4D Public goods

• pgs. 459-472
• Describe the characteristics of a public good

4E Taxes

• Watch Mr. T's lecture
• Define and differentiate between the progressive, regressive, proportional, ability-to-pay and benefits-received theories of taxation

Relearning/Retesting

For each learning target for which you did not achieve 70% mastery on the unit exam, complete the following steps (if you scored higher then 70% you may also retake the LT):

1. Re-read your notes and powerpoints for the learning targets you need to complete
2. Locate the learning targets you need to complete in the remediation document, copy and paste the assignment into another google doc (share w/Pelzel) or hand write and turn in to Pelzel.
3. Complete the corresponding remediation/reteaching assignment.
4. After your remediation has been turned into and verified by Ms. Pelzel, you will get a test code. You can retest on retesting days, before/after school, and during advisement.
5. Go to Exam Login and take the re-quiz. It is timed and you only have 1 shot, so make sure you're ready!