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Chapter 4/5 Key Term

ECO 251

TermDefinition
consumer surplus the difference between the highest price a buyer is willing to pay for the product and the actual price paid
producer surplus the difference between the lowest price a seller is willing to accept (marginal cost) for a product and the actual price received
public good a good that is both non-rival and non-exclusive
free rider problem when individuals receive benefits from a good without helping to pay for its cost
external costs when there is a cost imposed on an uninvolved third-party during production or consumption of a good
external benefits when there are benefits enjoyed by an uninvolved third-party during production or consumption of a good
quasi-public goods goods which could be produced by private firms but generate significant external benefits
Created by: SavanahT
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