Public Goods Flashcards
0
Q
Non-rivalry
A
Where the consumption of a public good by one person does not reduce the availability of a good to everyone else
1
Q
Public goods
A
A good or service that has the feature of non-rivalry and non-excludability and as a result would not be provided by the free market.
2
Q
Non-excludability
A
Non payers can enjoy someone else’s consumption at no financial cost to themselves.
Free rider problem
3
Q
Quasi-public goods
A
Near public goods. Semi non-rival and semi non-excludable
4
Q
Free rider problem
A
When someone receives the benefit of a good but allows others to pay for it
