Year 13 Economic students recently conducted a field trip to Oceana’s Waihi Gold and Silver mine. As part of the Economics course, students are required to study market failure. Students gained realistic insights into a contentious issue, and were able to analyse the positive and negative externalities of the mines production (dust, noise, water, explosion vibrations), and explored policies (solutions) to internalise these spill-over effects on third parties like local residents.
Students were able to witness a working mine in action. They enjoyed a three hour tour of both the open cut and underground mine network; and felt ‘rather wealthy’ holding a nugget of gold.
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