econ

Rival Goods

Consumption is competitive- can only be used by one person at a time

Non-Rival Goods

Consumption is not competitive- multiple people can use it at once( national park radio school).

Excludable Goods

Can prevent people who have not paid from using it (movie theater

Non-Excludable Goods

Cannot prevent people who have not paid from using (national defense police)

PUBLIC GOODS

A good that is both non rival and excludable

PRIVATE GOODS

A good that is both rivalrous and excludable

MIXED GOODS

Goods that are neither private or public

B I T E R ( Demand)

• buyers (#)

• I: income

• T: tastes and preferences

• E: expectations (future prices and/or availability, future income)

R: related goods (substitutes and complements)

Singer (Supply)

• # sellers 

• I: input cost

• N: new technology

• G: government-subsidies, taxes, and regulations

• E: expectations (input and/or output)

• R: related goods

Law of demand

The law of demand states that when the price of a product goes up, the quantity demanded will go down – and vice versa.

law of supply

an increase in the price of goods or services results in an increase in their supply