GCSE Economics - Market failure

Market failure covers a range of topics, the most important of which are:

  • social costs and benefits
  • monopolies.

This is an excellent opportunity really to engage the students in a topic most have strong feelings about – the environment. The key is to use an approach that actively involves the students. This will allow them to draw on their own current understanding and help to give them ‘ownership’ of the lessons and their content, thus helping to encourage ownership of their learning. In years 10 and 11 students enjoy making value judgements and, like most of us, like to be asked for opinions as to what should or shouldn’t be done in different situations. Using an approach that gives them opportunities to role play and to make decisions will therefore be likely to engage them and to improve learning.

 Remember that the new aims for Economics include:

  • develop an interest in and enjoyment of the subject that will be sustained throughout life;

 while QCA states that students should know and understand:

  • contemporary issues that illustrate the nature and power of economics
  •  the role, operation, benefits and limitations of product and factor markets

This section aims to offer your resources to support your teaching of market failure.