Theme 1.3.3 Public goods (unit 18) Flashcards

1
Q

What are private goods?

A

A good that is both rivalrous and excludable.

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2
Q

What are public goods?

A

A good that is both non-rivalrous and non-excludable.

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3
Q

What is the free rider problem?

A

It is where an individual or organisation which receives benefits that others have paid for without making any contributions.

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4
Q

What is a quasi-public good?

A

It is not either a perfect private good or perfect public good.

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