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7 Cards in this Set
- Front
- Back
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Free rider |
a person ororganisation which recieves benefits that others have paid for without making any contributions. |
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Non-excludability |
once provided, it is impossible to prevent any economic agent from consuming the good. |
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Non-rejectability |
once provided, it is impossible for any economic agent not to consume the good. |
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Non-rivalry, non-diminishability or non-exhaustability |
consumption by one economic agent does not reduce the amount available for consumption by others |
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Private good |
a good which possesses the characteristics of rivalry (once consumed, it cannot be consumed by anyone else) AND excludability (it is possible to prevent someone else from consuming the good). |
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Public good or pure public good |
a good which possesses the characteristics if non-rivalry (or non-diminishability) and non-excludability (which includes the characterisitcs of non rejectability). |
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Quasi-public good or non-pure public good |
a good which does not perfectly possess the characteristics of non-rivalrty and non-excludability and yet which also is not perfectly rival or excludable. |
