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Micro Ch 13
Stack based on Chapter 13 of Principles of Microeconomics 3e
| Term | Definition |
|---|---|
| external benefits (or positive externalities) | beneficial spillovers to a third party of parties, who did not purchase the good or service that provided the externalities |
| free rider | those who want others to pay for the public good and then plan to use the good themselves; if many people act as free riders, the public good may never be provided |
| nonexcludable | when it is costly or impossible to exclude someone from using the good, and thus hard to charge for it |
| nonrivalrous | even when one person uses the good, others can also use it |
| positive externalities | beneficial spillovers to a third party or parties |
| private benefits | the benefits a person who consumes a good or service receives, or a new product's benefits or process that a company invents that the company captures |
| public good | good that is nonexcludable and non-rival, and thus is difficult for market producers to sell to individual consumers |
| social benefits | the sum of private benefits and external benefits |
Created by:
CheriseSLCC
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