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VOCAB Chapter 11

Public Goods and Common Resources

TermDefinition
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 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 excludable.
Natural monopoly Firm that produces goods that are excludable but 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 to society of providing a public good.
Tragedy of the Commons A parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole.
Created by: jessjeanarnold
 

 



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