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| The general good of all people in a community,state, or nation, such as national defense, that could in principle be private but instead are provided by government because private markets cannot do so. Also called a public good |
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| Resources that are shared by a society and available to all to consume such as oceans, lakes, rivers, and public lands, Also represents a type of market failure in which a good is defined by its ability not to be jointly consumed and for which exclusion is not feasible. |
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| Analytical criterion that refers to whether a current policy or program or one that is being considered is likely to work-or the likelihood that the policy's goals will be achieved. |
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| Analytical criterion that refers to what a policy or policy proposal costs in relation to its expected benefits to society; or desire to relize the greatest possible benefit out of the dollars the government spends. |
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| An analytical criterion that refers to the consideration of what constitutes a fair or equitable policy choice; how a program's costs and benefits are distributed among citizens; or a way to think about who is allowed to participate in policy-making processes |
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| type of market failure that occurs when willing buyers and sellers do not possess all of the info needed to enter into a transaction or exchange |
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| Logic of Collective Action |
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| an interest group theory that suggests that a single individual would be irrational to join an interest group when almost no personal gain would follow |
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| Term used when the private market is not efficient; some argue that such a failure provides a justification for government intervention |
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| type of market failure that occurs when 2 parties interact in a market and a third party is harmed as a result and does not get compensated |
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| The effects that policy outputs, such as the passing of a law, have on society |
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| The formal actions that governments take to pursue their goals |
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| Widely held values, beliefs, and attitudes, such as trust and confidence in government and the political process |
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| A calculation of the likely acceptability to policy makers of proposed policy ideas or alternatives. Refers to whether elected officials are likely to support the idea. This is assumed to reflect a broader social acceptability of the same ideas or alternatives |
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| The exercise of power in society or in specific decisions over public policy; used to refer to the processes through which public policies are formulated and adopted, especially the role played by elected officials, organized interest groups, and political parties. Politics can also be referred to as how conflicts in society are expressed and resolved in favor of one set of intersts or social values over another |
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| type of market failure that occurs the same way as a negative externality, but the third party gains something from the two party interaction and does not have to pay for it |
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| What public officials within government, and by extension the citizens they represent choose to do or not to do about public problems. This can include passing laws or approving regulations, spending money, or providing tax breaks, among other things. |
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| type of market failure in which a good, such as police protection, is defined by its ability to be jointly consumed and for which exclusion is not feasible |
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| type of market failure whereby a good is defined by its ability to be jointly consumed, and exclusion is feasible. an examble is cable TV series. |
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