Chapter 17 - Public Goods Flashcards
1
Q
Excludable
A
People who don’t pay can be easily prevented from using a good
2
Q
Nonexludable
A
People who don’t pay cannot be easily prevented from using a good
3
Q
Rival in consumption
A
The same unit of the good cannot be consumed by more than one person at a time
4
Q
Nonrival
A
More than one person can consume the same unit of the good at the same time
5
Q
Private goods
A
Are excludable and rival in consumption
6
Q
Public goods
A
Nonecludable and nonrival
7
Q
Common resources
A
Nonexludable but rival
8
Q
Artificially scarce goods
A
Excludable but nonrival
