Chapter 11 - Public Goods and Common Resources

0.0(0)
studied byStudied by 1 person
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Get a hint
Hint

Common resources

Get a hint
Hint

: goods that are rival in consumption but not excludable.

Get a hint
Hint

National defense

Get a hint
Hint

is not excludable nor rival in consumption.

Card Sorting

1/14

flashcard set

Earn XP

Description and Tags

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

15 Terms

1
New cards

Common resources

: goods that are rival in consumption but not excludable.

2
New cards

National defense

is not excludable nor rival in consumption.

3
New cards

Patents

give inventors exclusive rights to the knowledge for a period of time.

4
New cards

Clean air

and water, and congested roads are forms of common resources.

5
New cards

Excludability

: the property of a good whereby a person can be prevented from using it.

6
New cards

free rider problem

The keeps private markets from supplying public goods.

7
New cards

Property rights

can make the allocation of resources more efficient if they 're well- run and planned.

8
New cards

Rivalry

in consumption: the property of a good whereby one person's use diminishes other people's use.

9
New cards

Free rider

: a person who receives the benefit of a good but avoids paying for it.

10
New cards

US federal government

The spent $ 744 billion on national defense in 2017.

11
New cards

Club goods

_: goods that are excludable but not rival in consumption.

12
New cards

Excludability

_: the property of a good whereby a person can be prevented from using it.

13
New cards

Private goods

: goods that are both excludable and rival in consumption.

14
New cards

Public goods

____: goods that are neither excludable nor rival in consumption.

15
New cards

Common resources

__: goods that are rival in consumption but not excludable.