Ch. 11: The Economics Of The Public Sector Flashcards
1
Q
The property of a good whereby a person can be prevented from using it l
A
Excludability
2
Q
Property of a good where one’s consumption diminishes one another’s use
A
Rivalry in consumption
3
Q
Goods that are both excludable and rival in consumption
A
Private Goods
4
Q
Goods that are neither rival or excludable
A
Public Goods
5
Q
Goods that are rival in consumption but not excludable. Often privately overused over social cost.
A
Common Resources
6
Q
Excludable but not rival in consumption
A
Club Goods
7
Q
Beneficiaries of products, goods, or services whom pay no price for them
A
Free Riders
8
Q
Common Resources are often used more than desirable to society as a whole
A
Tragedy of The Commons
