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ECN 221 Ch 11

Public Goods and Common Resources

QuestionAnswer
excludability the property of a good whereby a person can be prevented from using it
rivalry in consumption the property of a good whereby one person's use diminishes the other people's use
private goods goods that are both excludable and rival in consumption
public goods goods that are neither excludable nor rival in consumption
common resources goods that are rival in consumption but not exludable
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 to society of providing a public good
tragedy of the commons a parable that illustrates why common resources get used more than in desirable from the standpoint of society as a whole
Created by: 516311431