Chapter 11

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excludability

the property of a good whereby a person can be prevented from using it
rivalry

the property of a good whereby one person's use diminishes another person's use
private goods

goods that are both excludable and rival
public goods

goods that are neither excludable nor rival
common resources

goods that are rival but not excludable
natural monopoly goods

goods that are excludable but not rival
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

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19817

Card Set

Chapter 11

Description

A.P. Economics textbook, Chapter 11 vocabulary

Updated

2010-05-19T00:12:27Z

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