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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 |
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rivalry in consumption: |
the property of a good whereby one person's use diminishes other people's use |
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private goods: |
goods that are both excludable and rival in consumption ie: ice-cream cones, clothing, congested toll-roads |
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public goods: |
goods that are neither excludable nor rival in consumption ie: tornado siren, national defense, uncongested nontoll roads |
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common resources: |
goods that are rival in consumption but not excludable ie: fish in the ocean, the environment, congested nontoll roads |
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club goods: |
goods that are excludable but not rival in consumption ie: fire protection, cable TV, uncongested toll roads, iTunes songs |
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free rider: |
a person who receives he benefit of a good but avoids paying for it |
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cost-benefit analysis: |
a study that compares the costs and benefits to society of providing a public good |
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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 |