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Ag Econ

Chapter 13: Positive Externalities & Public Goods

Term/QuestionDefinition/Answer
Private Benefits benefits person consumers good/service receives, or new products benefits/process that company invents that company captures
Social Benefits value of ALL positive externalities of new idea/product (other comp. or society as whole); and private benefits that firm that developed new technology receives
Positive Externalities/Benefits beneficial spillover to 3rd party/parties
Private Rates of Return estimated rate of return go primarily to individual, interest on savings account
Social Rate of Return estimated rules of return go to society
Schooling Impact = Positive better health outcomes for population; lower levels of crime; cleaner environment; more stable democratic environment;
Intellectual Property Rights body of law; patents, trademarks, copyrights, and trace secret law protects right of inventors to produce/sell invention
Innovation Incentive guaranteed right to intellectual property; government assistance w/ costs of research/development (R&D); coop research ventures betwix unit company
Patents - give inventor exclusive right to make/use/sell invention for limited time;
Copyright laws - give another exclusive legal right over works of lit., music, film/video, and pictures
Public Good good that is nonexcludable/non-rival; difficult for market producers to sell individually
Nonexcludabel costly/impossible to exclude someone from using good, thus ard to charge for it
Non-Rival one person uses public good, another can also use it; fire/police/national defense
What are some forms of direct government support for R&D? College & Universities; Nonprofit research entities; Sometimes private firms; Gov. run laboratories;
Free Rider those who want others to pay for public good and then use good themselves; if many people act as free riders, public good may never be provided - Prisoner's Dilemma Game
Created by: horktera
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