microeconomics -- chapter 11
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10 Terms
excludable
a person can be prevented from using it
rival in consumption
one person’s use of it diminishes others’ use
private good
excludable, rival in consumption
public good
not excludable, not rival in consumption
common resources
not excludable, rival in consumption
natural monopolies
excludable, not rival in consumption
free rider
a person who receives the benefit of a good but avoids paying for it
cost-benefit analysis
a study that compares the costs and benefits of providing a public good
excludability
the property of a good whereby a person can be prevented from using it
tragedy of the commons
a parable that illustrates why common resources are used more than is desirable from the standpoint of a society as a whole
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Flashcards (70)