Private, Public + Quasi Goods Flashcards
1
Q
Private goods
A
Consumption of this good/service is not available for consumption by another
2
Q
Examples of private goods
A
Private gyms, meal in restaurants
means they are rivalrous and excludable
3
Q
Public goods
A
Goods and services that are non-rivalrous meaning they benefit everyone abd non-excludable meaning it is used by everyone
4
Q
Examples of public goods
A
Road, park
5
Q
What problem does public good public good lead to?
A
Free-rider problem
6
Q
What is free rider
A
Someone who benefits from a good or service without paying for it
7
Q
Quasi public goods
A
Some of the public goods take on the characteristics of private goods
8
Q
Examples of quasi public goods
A
Park - when there is an event
beach - restricted access
