Types of goods

Question 1

What is a rival good/service?

Answer 1

One person’s use reduces the ability of another persons use

Question 2

What is a non-rival good/service?

Answer 2

one persons use does not reduce another persons ability to use it

Question 3

What is an excludable good/service?

Answer 3

You can prevent people from using the good who haven’t paid

Question 4

What is a non-excludable good/service?

Answer 4

Cannot prevent people from using the good who haven’t paid

Question 5

What is a private good/service?

Answer 5

Excludable and rival

Question 6

What is a public good/service?

Answer 6

nonexcludable and nonrival

Question 7

What is a common resource?

Answer 7

non excludable and rival

Question 8

What is a club good/service

Answer 8

excludable and nonrival

Question 9

What is a free rider?

Answer 9

enjoys benefits of public good wihtout paying some of the costs

Question 10

What is the tragedy of the commons?

Answer 10

any resource that is unowned/nonexcludable to be overused and undermaintained

Question 11

What are some solutions to the tragedy of the commons?

Answer 11

private solutions(don’t happen usually)
Taxes/subsidies
Command/control
Market-like solutions