Principles Of Microeconomics Chapter 9

Front 1

the economics doctrine that holds that an economy works best with the minimum amount of government intervention

Back 1

laissez-faire

Front 2

the defects in competitive markets that prevent them from achieving an efficient or equitable allocation of resources

Back 2

market failures

Front 3

goods or services whose benefits are not affected by he number of users and from which no one can be excluded

Back 3

public goods

Front 4

goods or services whose benefits can be denied to nonbuyers and whose consumption by one person reduces the amount available for others

Back 4

private goods

Front 5

a feature of certain goods that means one person's consumption does not reduce the amount available for others

Back 5

nonrival

Front 6

a feature of certain goods that means that it is impossible (or extremely costly) to prevent nonbuyers from enjoying the benefits

Back 6

non-excludable

Front 7

private goods that are provided by government because they involve extensive benefits for the general public

Back 7

quasi-public goods

Front 8

costs that are incurred by people other than the producers or consumers of a product

Back 8

external costs

Front 9

benefits that are enjoyed by people other than the producers or consumers of a product

Back 9

external benefits

Front 10

benefits or costs of a product experienced by people who neither produce nor consume that product

Back 10

externalities

Front 11

the extra internal (or private) costs to the producer of increasing production by one additional unit

Back 11

marginal private costs

Front 12

the additional costs to both the producer (internal costs) and society (external costs) of producing additional quantities of a product

Back 12

marginal social costs