Public Goods and Common Resources
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| excludability | the property of a good whereby a person can be prevented from using it
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| rivalry in consumption | the property of a good whereby one person's use diminishes the other people's use
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| private goods | goods that are both excludable and rival in consumption
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| public goods | goods that are neither excludable nor rival in consumption
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| common resources | goods that are rival in consumption but not exludable
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| free rider | a person who receives the benefit of a good but avoids paying for it
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| cost-benefit analysis | a study that compares the costs and benefits to society of providing a public good
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| tragedy of the commons | a parable that illustrates why common resources get used more than in desirable from the standpoint of society as a whole
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