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MERLOT II


    

Peer Review


Market Failure Lesson Plan

 

Ratings

Overall Rating:

4.5 stars
Content Quality: 4.75 stars
Effectiveness: 4.25 stars
Ease of Use: 4.5 stars
Reviewed: Jun 28, 2011 by Business Editorial Board
Overview: As the name indicates, the site has an hour long lesson plan for the ‘Market Failure’ concept. It explicitly outlines the aim, learning objectives, online resources and useful links. It even gives a breakdown of the hour with clear directions on how to proceed with the lesson plan. The PowerPoint and mind map provided are instrumental in providing an overview or recap of the concept including the difference between positive and negative externalities with accompanying diagrams and examples for each. The followed up activity is also broken down by points which makes it truly convenient to adopt the lesson plan in-class as individual homework or as a group discussion as well as easily modified to be used in an online learning environment for distance learning students as homework or discussion.
Learning Goals: • The student will be able to understand the difference between positive and negative externalities with accompanying examples for each. • The student will gain a greater appreciation of the step-by-step diagrams representing positive and negative externalities. • The student will be able to apply the concept of ‘market failure’ to a topical issue, and comprehend the importance of high quality knowledge and information in efficient markets
Target Student Population: General students or Honors College students taking Introduction to Economics, Principles of Macroeconomics or Principles of Microeconomics at high school, community college and/or university levels
Prerequisite Knowledge or Skills: Basic computer skills and foundational knowledge of the concepts of finance or economics at micro and macro levels.
Type of Material: Presentation
Recommended Uses: • This short one hour lesson plan can be easily used in-class as individual homework or as a group discussion in-class. • It can also be easily modified to be used in an online learning environment for distance learning students as homework or discussion. • It can be used in multiple venues by faculty to provide learners new learning or as refresher learning for a finance or economics class.
Technical Requirements: Internet Explorer 8 or the equivalent Firefox browser will suffice.

Evaluation and Observation

Content Quality

Rating: 4.75 stars
Strengths: • Provides learning of the Market Failure in an easy to understand example format. • Provides an option for moving on to related activities which all support the basic course information • The site provides access to two addition related presentations on various aspects of Market Failure • Built and designed to be an “off-the shelf” starter for presenting concepts of Market Failure • Identifies a clear and succinct set of learning objectives
Concerns: • At the beginning lists specifications, but does not explain what the specifications are or what they are associated to or for. • Lacked a “Help” option • Market Failure. PowerPoint presentation was informative, but consisted primarily of text with a few graphs. • Mind Map and Genetically Modified Foods were single webpage content. • This lesson plan was submitted by an individual with no credentials indicated and the timing of the submission was in 2003 which is about 8 years ago. Following the timing of submission, all the links are working except for 3 under ‘Useful Links’ heading, namely Bayer UK, GM Nation?

Potential Effectiveness as a Teaching Tool

Rating: 4.25 stars
Strengths: • As a tool for faculty the set of Market Failure presentations can provide the faculty with a starter kit of topics for a Market Failure course(s) • Market Failure presentations allow faculty the latitude to demonstrate how market failure will affect for example the Mind Map presentation. • The followed up activity is also broken down by points which makes easy to adopt the lesson plan in-class as individual homework or as a group discussion as well as easily modified to be used in an online learning environment for distance learning students as homework or discussion.
Concerns: • Did not find an indication of what perquisite knowledge in business, finance and/or economics would be required for this presentation • The Genetically Modified Food was a single webpage not a very dynamic presentation format, all words one small picture • If this is truly a lesson plan would have assumed a set of objectives for answering the questions in the case study would have been provided. • Suggested response is not provided which might help the instructor should time be a limitation. • The activity and useful links are from United Kingdom, which the instructor can perhaps modify to adapt it to United States if the need arises.

Ease of Use for Both Students and Faculty

Rating: 4.5 stars
Strengths: • The module was all words with a couple of exercises • Website was easy to connect to and easy to maneuver on the single page • Key elements of the material was identified • Webpage had links to other presentations that would complement the concepts to be taught of Market Failure • The layout of the lesson plan is transparent with clear headings; the lesson structure is broken down by time over an hour, while the activity itself is broken down by points over fifty total.
Concerns: • Needed to be more explanatory as to how the Mind Map and Genetically Modified Food presentations would interact to make the lesson plan effective for a faculty member. • Had “Related Activity & Related Mind Map” identified but was not clear how the two would be employed for the course • The material presented in the Mind Map was not provided with a definitions or explanations for example “De-merit Goods” are identified but no explanation of what is meant b “De-Merit” is provided. • While it’s still applicable, it can be further enhanced with interactivity and/or aural features to further engage students with kinesthetic and/or aural learning style.

Other Issues and Comments: The web based lesson plan presentation enables the faculty member to take an “off-the-shelf” lesson plan on Market Failure employ the lesson plan as a starter kit to build a course lesson on Market Failure. Provides the faculty member with a solid foundation to build a course on Market Failure. Has supplemental activities covering Market Failure-Mind Map and Market Failure-Genetically Modified Foods. This site can be easily and quickly used to introduce or review the concepts on market failure and externalities beyond or as an alternative to the coverage provided by standard textbooks.