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6 Cards in this Set
- Front
- Back
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Private good |
a good that consumers can be prevented from accessing and once consumed by one person, cannot be consumed by somebody else; such a good has excludability and is rivalrous. |
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Public good |
a good that is non-excludable and non-rivalrous in consumption - consumers cannot be excluded from consuming the good , and consumption by one person does not affect the amount of the good available for others to consume. |
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Quasi-public good |
Goods which have some but not all of the characteristics of public goods (e.g. may be excludable but non-rivalrous) |
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Non rivalry / Non-rivalrous in consumption |
When consumption of a good by one person does not affect the amount of the good available for others to consume. |
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Non excludabilty / non-excludable in consumption |
When consumers cannot be excluded (refused access) from consuming a good. |
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free rider problem |
When an individual cannot be excluded from consuming a good, and thus has no incentive to pay for its provision. |
