Chapter 30 - Public Goods and Public Choice
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Last updated 7:38 PM on 5/5/22
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8 Terms
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civic externalities
The ________ are where citizens in a democratic society make collective decisions by voting in elections, and each citizen must live with these decisions.
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free rider
A(n) ________ is a person who gets the benefit from a good but does not pay for it.
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benefits of consumption
The ________ are confined to the person who buys the goods.
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private buyer
The benefit experienced by a buyer is called a(n) ________.
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Education
________ is a private good that generates external benefits.
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median voter rule
A(n) ________ is the choices made by the government that will match the preferences of the median voter.
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private goods
Some ________ generate benefits for people who do not directly consume the goods.
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Public-choice economics
____________________ is a field of economics that uses models of rational choice to explore decision-making in the public sector.