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Econ Chapter 11

QuestionAnswer
What does excludable mean? You can prevent someone from using a good if they don’t pay.
What does rival in consumption mean? One person’s use leaves less available for others.
What are the characteristics of a private good? Excludable and rival. Example: food.
What are the characteristics of a club good? Excludable and nonrival. Example: cable TV.
What are the characteristics of a common resource? Nonexcludable and rival. Example: fish in the ocean.
What are the characteristics of a public good? Nonexcludable and nonrival. Example: national defense.
What do public goods and common resources have in common? Both are nonexcludable.
What separates public goods from common resources? Public goods are nonrival; common resources are rival.
What is a free rider? Someone who benefits from a good without paying for it.
Why do public goods create a free-rider problem? People can benefit even if they refuse to pay.
What happens to public goods in private markets? They tend to be underprovided.
How can government help provide public goods? Collect taxes to pay for their provision.
What is cost-benefit analysis? Comparing the total costs and total benefits of providing a good.
When does providing a public good create positive net benefits? When its total benefits exceed its total costs.
Why is cost-benefit analysis difficult for public goods? People’s benefits are hard to measure accurately.
What is the tragedy of the commons? People overuse a shared resource because they focus on their own benefits.
Why are common resources overused? Users receive personal benefits but do not bear all the costs they impose on others.
What is a negative externality? A cost an action imposes on others.
How does overfishing create a negative externality? Catching fish leaves fewer fish available for others.
How can government reduce overuse of common resources? Use limits, taxes or fees, limited permits, or private ownership where practical.
How do catch limits help? They restrict how much of a resource people take.
How does a corrective tax or fee help? It makes users account for more of the cost of their use.
How can private ownership help preserve a resource? Owners have an incentive to protect its future value.
Why might voluntary requests to use less fail? People still have an incentive to take more for themselves.
A taco Private good: excludable and rival.
Cable TV Club good: excludable and nonrival.
Fish in the ocean Common resource: nonexcludable and rival.
National defense Public good: nonexcludable and nonrival.
A tornado siren Public good: nonexcludable and nonrival.
A subscription satellite radio broadcast Club good: excludable and nonrival.
An uncongested road without a toll Public good.
A congested road without a toll Common resource.
An uncongested toll road Club good.
A congested toll road Private good.
Created by: HoteboyMikyell
 

 



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