________- seeking: socially unproductive efforts of people or firms to win a prize.
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Pure
________ public good: good /service that, to a high degree, is both non- rival and non- excludable.
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Optimal production
________ of a public good occurs at the quantity for which the demand curve intersects the marginal cost curve for the public good.
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profit companies
Private for- ________ also can become providers when new technologies such as pay- per- view television convert public goods into collective goods.
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Government
________ creates economic surplus not only by providing public goods but also by regulating activities that generate externalities and by defining and enforcing property rights.
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Pure commons
________ good: one for which non- payers can not easily be excluded and for which each unit consumed by one person means one less unit available for others.
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Public good
good/service that, to at least some degree, is both non-rival and non-excludable
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Non-rival good
good whose consumption by one person does not diminish its availability for others
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Non-excludable good
good that is difficult, or costly, to exclude non-payers from consuming
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Pure public good
good/service that, to a high degree, is both non-rival and non-excludable
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Collective good
good/service that, to at least some degree, is non-rival but excludable
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Pure private good
one for which non-payers can easily be excluded and for which each unit consumed by one person means one less unit available for others
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Pure commons good
one for which non-payers cannot easily be excluded and for which each unit consumed by one person means one less unit available for others
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Head tax
tax that collects the same amount from every taxpayer
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Regressive tax
tax under which the proportion of income paid in taxes declines as income rises
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Proportional income tax
one under which all taxpayers pay the same proportion of their incomes in taxes
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Progressive tax
one in which the proportion of income paid in taxes rises as income rises
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Pork barrel spending
public expenditure that is larger than the total benefit it creates but that is favored by a legislator because his or her constituents benefit from the expenditure by more than their share of the resulting extra taxes
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Logrolling
practice whereby legislators support one another's legislative proposals
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Rent-seeking
socially unproductive efforts of people or firms to win a prize
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Crowding out
government borrowing that leads to higher interest rates, causing private firms to cancel planned investment projects (i.e., the tendency of increased government deficits to reduce investment spending)
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Public good
Good/service that, to at least some degree, is both non-rival and non-excludable
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Non-rival good
Good whose consumption by one person does not diminish its availability for others
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Non-excludable good
Good that is difficult, or costly, to exclude non-payers from consuming
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Pure public good
Good/service that, to a high degree, is both non-rival and non-excludable
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Collective good
Good/service that, to at least some degree, is non-rival but excludable
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Pure private good
One for which non-payers can easily be excluded and for which each unit consumed by one person means one less unit available for others
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Pure commons good
One for which non-payers cannot easily be excluded and for which each unit consumed by one person means one less unit available for others
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Head tax
Tax that collects the same amount from every taxpayer
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Regressive tax
Tax under which the proportion of income paid in taxes declines as income rises
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Proportional income tax
One under which all taxpayers pay the same proportion of their incomes in taxes
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Progressive tax
One in which the proportion of income paid in taxes rises as income rises
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Pork barrel spending
Public expenditure that is larger than the total benefit it creates but that is favored by a legislator because his or her constituents benefit from the expenditure by more than their share of the resulting extra taxes
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Logrolling
Practice whereby legislators support one another's legislative proposals
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Rent-seeking
Socially unproductive efforts of people or firms to win a prize
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Crowding out
Government borrowing that leads to higher interest rates, causing private firms to cancel planned investment projects (i.e., the tendency of increased government deficits to reduce investment spending)
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