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9 Cards in this Set
- Front
- Back
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Give one role of gov.
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To provide goods and services
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Most goods and services that business produce are:
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Private goods
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Goods that are consumed by one individual and cannot be consumed by another
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Private goods
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Private goods
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Goods that are consumed by one individual and cannot be consumed by another
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Consumption of provate goods and services is subject to the :
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Exclusion principle
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What is the exculsion principle
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Means that a person is excluded from using that good or service unless he/she pays for it
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Private goods are the goods we.....
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Normally buy
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eX OF private goods:
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Clothes , concert ticket , shoes, food
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Ex of private services
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Insurance , Hair cuts , medical services
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