Types of Goods and Market Allocation

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10 Terms

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Excludable Good

Person can be prevented from using it.

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Non-excludable Good

Cannot prevent others from using it.

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Rival in Consumption

One person's use of it diminishes others' use.

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Nonrival Good

One person's use does not diminish others' use.

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Private Goods

Excludable and Rival; efficiently provided in competitive markets.

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Public Goods

Nonexcludable and nonrival; difficult to pay voluntarily.

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Artificially Scarce Goods

Excludable but nonrival; markets provide these goods efficiently.

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Common Resources

Nonexcludable but rival; strong incentive to consume these resources before others.

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Free-Rider Problem

Many individuals are unwilling to pay for consumption of non-excludable goods.

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Pigouvian Tax

Tax or regulation to manage common resources.