chp 11 Flashcards
1
Q
excludable good
A
possible t prevent someone from using it
2
Q
rival good
A
one persons use in the good reduces the others ability to use it
3
Q
private good
A
excludable and rical
4
Q
public good
A
not excludable nor rival
(national defence)
5
Q
common resources
A
non excludable, but is rival
(fishing in ocean)
6
Q
club good
A
excludable but not rival
7
Q
free rider
A
person who benefits from good without having to pay
8
Q
cost beneifit analysis
A
cost vs beneiftis
9
Q
tragedy of the commons
A
a situation in which individuals with access to a public resource act in their own interest and, in doing so, ultimately deplete the resource
