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10 Cards in this Set
- Front
- Back
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Excludability
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the property of a good whereby a person can be prevented from using it
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Rivalry in Consumption
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the property of a good whereby one person's use diminishes other people's use
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Private Goods
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Goods that are both excludable and rival in consumption
i.e. food, or an ice cream cone |
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Public Goods
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Goods that are neither rival or excludable in consumption
i.e. fire siren |
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Common Resources
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Goods that are rival in consumption but not excludable
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Four Types of Goods
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Club Goods
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Goods that are excludable but not rival in consumption
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Free Rider
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A person who receives the benefit of a good but avoids paying for it
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Three major Examples of Public Goods
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National Defense, Basic Research, and Fighting Poverty
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Cost-Benefit Analysis
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A study that compares the costs and benefits to society of providing a public good
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