The flashcards below were created by user
Ruth5151
on FreezingBlue Flashcards.
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excludability
the property of a good whereby a person can be prevented from using it
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rivalry
the property of a good whereby one person's use diminishes another person's use
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private goods
goods that are both excludable and rival
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public goods
goods that are neither excludable nor rival
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common resources
goods that are rival but not excludable
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natural monopoly goods
goods that are excludable but not rival
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free rider
a person who receives the benefit of a good but avoids paying for it
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cost-benefit analysis
a study that compares the costs and benefits to society of providing a public good
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