Microeconomics Ch 11
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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 other people's use.
Goods that are both excludable and rival in consumption.
Goods that are neither excludable and rival in consumption.
Goods that are rival in consumption but not excludable.
A person who recieves the benefit of a good but avoids paying for it.
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 are used more than is desirable from the standpoint of society as a whole.
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