IB Microecon notes - goods

Public Goods

non-excludable, non-rivalrous (subject to free rider problem)

Common Pool Resources

non-excludable, rivalrous (subject to tragedy of the commons)

Club Goods

excludable, non-rivalrous

Private Goods

excludable, rivalrous

Normal Goods

A good where demand for it increases as income increases (positive YED)

Non-excludable

a characteristic of a good, service, or resource where it is impossible to prevent a person, or persons from using it

non - rivalrous

a characteristic of some goods such that their consumption by one individual does not reduce the ability of others to consume them.

Inferior goods

lower quality goods for which higher quality substitutes exist; if incomes rise, demand for the lower quality goods decreases.