Vocab | Classification of Goods | Public vs. Private Goods | Questions |
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What is nonrivalry?
If your consumption of a good does not impact another person's ability to consume it, then that good is considered to have this characteristic.
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What is a (pure) public good?
National Defense can best be classified as this specific type of good.
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What is a Public Good?
Unemployment Benefits is this type a good
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What is a Free Rider?
Suppose that you and some fellow students are placed in a group for a group project. One of the students decides not to do any of the work and let everyone else finish the project. This person, in economic terms, could be considered this.
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What is excludability?
You are able to prevent someone from driving your car by simply locking the doors. This implies that your car has this characteristic.
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What is a Private Good
Both an Excludable Good and a Rival Good.
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What is a Private Good?
A muffin
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What is National Public Goods?
A nation's use of military is this type of good
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What are excludable and rival?
A private good has these two characteristics.
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What is a a Public Good?
Cannot prevent others from using the good.
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What is a Public Good?
Military Security is this type good
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Public Vector
Public Goods are financed by this
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What is an artificially scarce resource?
If a good is excludable, but non-rival, then it could best be considered this type of good.
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What is a Public Good?
Cannot be effectively excluded from use.
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What is a PURE Public Good?
Public Sanitation is this kind of good
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What they don't pay for
Free Riders consume..?
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What is A Free Rider?
A person who receives the benefit of a good but does not pay for it.
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What is a Private Good?
A movie ticket is this type of good
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What is a Private Good?
An Airplane ride is this type of good
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What is a Public Good?
Non-payers can enjoy the benefits of consumption at no financial costs to them
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