Unit Three Review

14 06 2011

Topics Covered:

  • Market Failures
  • Externalities
  • Public Goods
  • Price Ceiling and Floors
  • Subsidies
  • Quotas (stop video after 1:55 – you don’t need to worry about the producer and consumer surplus or the deadweight loss)

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Journal 7

25 04 2011

Journal instructions are available here.

This is the second journal prompt provided before the May 2nd deadline for Journal Submission #3.

Journal Prompt

For this journal you are to consider the economics of marijuana.

  • Is there a failure in the market for medical marijuana?
  • What are the externalities associated with marijuana? Consider the externalities when it is illegal and if it were legalized.
  • Should marijuana be treated liked alcohol and tobacco, in terms of taxation and regulation?
You may choose to answer some or all of the questions.  Try to limit your arguments to a Canadian perspective.  You can use research and statistics from other countries to support your argument but we want to consider the costs and benefits from a Canadian perspective.

Remember, a good response will use economic terminology to help justify your opinion.

Background Material and Further Readings

There is a lot of information available. These links are just the starting point.  Be aware of the sources (legitimate, any bias) of any research you use.

The Court Case

General Information

Other Aspects

Practical Details

Do not comment on this post unless it is a question about the journal. You need to create your own entry for the journal.

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The title of your post is up to you.  Be sure to include the correct categories and tags to your post.  Feel free to use links, videos and any other content that will help you make your arguments.

Category: Journal 7
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13 04 2011

A few videos to help you understand externalities…