ECN 221 Ch 11 Word Scramble
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Question | Answer |
excludability | the property of a good whereby a person can be prevented from using it |
rivalry in consumption | the property of a good whereby one person's use diminishes the other people's use |
private goods | goods that are both excludable and rival in consumption |
public goods | goods that are neither excludable nor rival in consumption |
common resources | goods that are rival in consumption but not exludable |
free rider | a person who receives the benefit of a good but avoids paying for it |
cost-benefit analysis | a study that compares the costs and benefits to society of providing a public good |
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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