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11 Cards in this Set
- Front
- Back
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excludable |
if the supplier of the good can prevent people who do not pay from consuming it |
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rival in consumption |
if the same unit of a good cannot be consumerd by more than one person at the same time |
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private good |
a good that is both excludable and rival in consumption |
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nonexcludable |
when the supplier cannot prevent consumption be people who do not pay for it |
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nonrival in consumption |
if more than one person can consumer the same unit of a good at the same time |
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free-rider problem |
goods that are nonexcludable suffer from this: many individuals are unwilling to pay for their own consumption and instead will take a "free ride" on anyone who does pay |
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public good |
a good that is both nonexcludable and nonrival in consumption |
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cost-benefit analysis |
the estimation and comparison of the social benefits of providing a public good |
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common resource |
a god nonexcludable and rival in comsumption: you cant stop me from consuming the god, and more consumption by me means less of the good available for you |
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overuse |
common resources left to the market suffer from this; individuals ignore the fact that their use depletes the amount of the resource reamining for others |
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artificially scare good |
excludable but nonrival in consumption |
