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Chapter 11
Public Goods and Common Resources
9
Economics
Undergraduate 2
10/18/2011

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Term
Excludability
Definition

The property of a good whereby a person can be prevented from using it.

Prevented from being bought or borrowed.

Term
Rivalry in Consumption
Definition

The property of a good whereby one person's use diminsihes other people's use.

If I have it, you'll have less. 

Term
Private Goods
Definition
Goods that are both exludable and rival
Term
Public Goods
Definition
Goods that are neither excludable nor rival.
Term
Common Resources
Definition
Goods thare are rival but non-excludable
Term
Natural Monopoly
Definition
Goods that are excludable but non-rival
Term
Free Rider
Definition
A person who receives the benefit of a good but avoids paying for it.
Term
Cost-Benefit Analysis
Definition

A study that compares the costs and benefits to society of providing a public good.

How much will it cost?

What are the benefits?

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