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Common resources
________: goods that are rival in consumption but not excludable.
National defense
________ is not excludable nor rival in consumption.
Patents
________ give inventors exclusive rights to the knowledge for a period of time.
Clean air
________ and water, and congested roads are forms of common resources.
Excludability
________: the property of a good whereby a person can be prevented from using it.
free rider problem
The ________ keeps private markets from supplying public goods.
Property rights
________ can make the allocation of resources more efficient if they 're well- run and planned.
Rivalry
________ in consumption: the property of a good whereby one person's use diminishes other people's use.
Free rider
________: a person who receives the benefit of a good but avoids paying for it.
US federal government
The ________ spent $ 744 billion on national defense in 2017.
Club goods
_____________: goods that are excludable but not rival in consumption.
Excludability
_______________: the property of a good whereby a person can be prevented from using it.
Private goods
______________: goods that are both excludable and rival in consumption.
Public goods
__________________: goods that are neither excludable nor rival in consumption.
Common resources
________________: goods that are rival in consumption but not excludable.
Note 
Flashcard (50)