Microeconomics Ch 11

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  1. Excludability
    The property of a good whereby a person can be prevented from using it.
  2. Rivalry in Consumption
    The property of a good whereby one person's use diminishes other people's use.
  3. Private Goods
    Goods that are both excludable and rival in consumption.
  4. Public Goods
    Goods that are neither excludable and rival in consumption.
  5. Common Resources
    Goods that are rival in consumption but not excludable.
  6. Free Rider
    A person who recieves the benefit of a good but avoids paying for it.
  7. Cost-benefit analysis
    A study that compares the costs and benefits to society of providing a public good.
  8. 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.
Card Set
Microeconomics Ch 11
Microeconomics Ch 11
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