2.10 - public goods Flashcards
Public Goods
1
Q
Characteristics of public goods
A
Non-excludable
Non-rejectable
Non-rivalry
0 marginal cost
2
Q
Characteristics of private goods
A
Opportunity cost
Excludable
Rejectable
Rivalry
3
Q
Characteristics of quasi-public goods
A
Partial excludability
Partial rejectable
Partial rivalry
4
Q
Example of a public good
A
Run in the countryside
Dams
5
Q
Example of a private good
A
Technology
Pepsi Max
6
Q
Example of quasi-public goods
A
Roads
7
Q
A
8
Q
A
9
Q
A
10
Q
A
11
Q
Consequences of free riders
A
Goods are underprovided
11
Q
Free rider problem
A
Someone who enjoys a product they have not paid for / paid little for
11
Q
Provision of public goods in the free market
A
Often underprovided
No incentive to produce due to no/minimal payments made
