chapter 11 - public goods and common resources
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10 Terms
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excludability
people can be prevented from use
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rival in consumption
one person’s use diminishes another’s use
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free rider
someone who receives benefit of a good without paying from it, problem with public goods
4
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tragedy of the commons
pursuit of personal benefit leads to loss of public good
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how to do a cost benefit analysis?
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private good
excludable, rival in consumption
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club good
excludable, non rival in consumption
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common resource
non excludable, rival in consumption
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public goods
non excludable, non rival in consumption
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