Chapter 11 - Public Goods & Common Resources
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ECON 1101 Midterm II
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7 Terms
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public goods
not excludable & not rival in competition
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private goods
excludable & rival in consumption
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common resources
rival in consumption & not excludable
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club goods
excludable & not rival in competition
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free rider
person who receives the benefit of a good but avoids paying for it
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free-rider problem
when the number of beneficiaries is large, but exclusion of any one of them is impossible
e.g., associated with public goods
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tragedy of the commons
overuse of a shared resource due to lack of ownership or regulation
Note 
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