types of goods and all that jazz Flashcards
1
Q
private goods
A
Rivalery in consumption and excludable
2
Q
common resources
A
rivalarry in consumption but non excludable
3
Q
club goods
A
no rival in consumption but excludable
4
Q
public goods
A
non-excludable and non-rivalry
5
Q
excludability
A
property of a good whereby a person can be prevented from using it.
x: expensive cars
6
Q
Rivalry in consumption
A
property of a good whereby one persons´use diminishes other peoples use
x: if you eat an apple no one else can eat that same apple
