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State and Federal La
Policy/ Plan Dev: Economic Thinking for Planners, AICP Nov 2022 Test
Term | Definition |
---|---|
Private Goods, top left Excludable, Rivalrous | Are provided by private markets bc you can exclude someone from having them and ppl can purchase more or less from retailer. ex food, clothing, cars, personal electronics. Has taxation. |
Public Goods, bottom right Non- Excludable, Non- Rivalrous | Goods that are unlikely to be provided in markets. Hard to keep from consumption, and it's not true that the more I have the less you have. ex flood control, national defense. If not excluded, won't reveal preference= no demand = market failure |
Club Goods, bottom left Excludable, Non-Rivalrous | Can exclude people. Crowding creates a problem for assessing the good. More people means they get in my way. whenever there is metering, admission fees. ex. cinema tickets private parks, satellite tv. By any means serve more bc it's not costing anything |
Common Goods, top right Non-Excludable, Rivalrous | negotiations for good ex.fish stocks, timber, coal |
Rivalrous | the more I have, the less you have, yes or no? If I keep you from eating my apple you have less |
Excludable | Can keep you from having this. |