2.9 Market failure - public goods

0.0(0)
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/3

flashcard set

Earn XP

Description and Tags

IB Economics (SL)

Microeconomics

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

4 Terms

1
New cards

Public goods

goods and services that are non-rivalrous and non-excludable

2
New cards

Private goods

both rivalrous and excludable

3
New cards

Free rider problem

where the public can enjoy the benefits of a good without paying for it

4
New cards

Contracting out

when the government pays a specialist private producer with the expertise to produce the public good