Public Goods Flashcards
1
Q
Public good
A
You provide for one you provide for everyone
2
Q
Non excludability
A
The benefits derived from public goods cannot be confined solely to those who have paid for it
3
Q
Non rival consumption
A
Consumption by one consumer does not restrict consumption by other consumers
4
Q
Non reject-ability
A
The collective supply of a public good for all means that it cannot be rejected by people
5
Q
Quasi public good
A
Is a near public good. It has some characteristics of a public good
6
Q
Free rider problem
A
Those who don’t pay or under pay still benefit from goods
