Micro: Chapter 15

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5 Terms

1
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Intellectual property

The body of law including patents, trademarks, copyrights, and trade secret law that protects the right of inventors to produce and sell their inventions.

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Public good

A good that is nonexcludable and nonrivalrous and thus is difficult for market producers to sell to individual consumers.

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Nonexcludable

When it is costly or impossible to exclude someone from using the good, and thus it is hard to charge for it.

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Nonrivalrous 

A good where, when one person uses the good, others can also use it. 

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Free rider

Those who allow others to pay for the public good and then use the good themselves.