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9 Cards in this Set

  • Front
  • Back

excludability:

the property of a good whereby a person can be prevented from using it

rivalry in consumption:

the property of a good whereby one person's use diminishes other people's use

private goods:

goods that are both excludable and rival in consumption




ie: ice-cream cones, clothing, congested toll-roads

public goods:

goods that are neither excludable nor rival in consumption




ie: tornado siren, national defense, uncongested nontoll roads

common resources:

goods that are rival in consumption but not excludable




ie: fish in the ocean, the environment, congested nontoll roads

club goods:

goods that are excludable but not rival in consumption




ie: fire protection, cable TV, uncongested toll roads, iTunes songs

free rider:

a person who receives he benefit of a good but avoids paying for it

cost-benefit analysis:

a study that compares the costs and benefits to society of providing a public good

Tragedy of the Commons:

parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole




when one person uses a common resource, she diminishes other people's enjoyment of it