1) The document discusses various types of market failures including externalities, public goods, monopolies, and oligopolies. It provides examples like pollution, national defense, and industries with few competitors. 2) Key causes of market failure are explored such as free riders for public goods and the tragedy of the commons when no one owns a resource. 3) Students engage in debates and case studies on topics like funding for space exploration and stem cell research, as well as developing antitrust plans for companies like Microsoft and Comcast.