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8 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
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Public goods
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Goods that are neither excludable nor rival in consumption
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Common resources
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Goods that are rival in consumption but not excludable
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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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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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Tragedy of the commons
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A parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole
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