[Scene Setting: You, the zookeeper, are panicking as animals have taken over the zoo! Animals are running wild, and you’re holding a megaphone, trying to restore order.]“Welcome to Az-Zoo, where, well, the animals have taken over! The giraffes drank all the water, and the elephants are trampling everything—it's chaos!” [Take a deep breath and look around.] “But this chaos perfectly explains market failure, externalities, and common pool resources.”Part 1: Market Failure“Market failure happens when resources aren’t distributed efficiently. Here, the zoo's water supply wasn’t managed properly, so the giraffes drank it all, leaving none for the others—like when markets fail to distribute resources fairly.”Part 2: Common Pool Resources“These are resources everyone can access, like our water tank. But when it’s open to all, it’s easy for one group (like the giraffes) to overuse it, leaving none for others. This is the ‘Tragedy of the Commons.’”Part 3: Externalities“When the giraffes drank all the water, it caused negative effects for the other animals—this is a negative externality. In economics, actions like pollution work similarly, affecting those who aren’t involved.”Conclusion: Fixing the Chaos“To fix this, we need rules! Just as governments manage resources through regulations, we could set up a schedule for the animals to access water or limit their intake. This ensures resources are shared fairly and reduces negative impacts.”[Wave to calm the imaginary animals.]