question
excludable
answer
if the supplier of that good can prevent people who do not pay from consuming it
question
rival in consumption
answer
if the same unit of the good cannot be consumed by more than one person at the same time
question
private good
answer
a good that is both excludable and rival in consumption
question
nonexcludable
answer
the supplier cannot prevent consumption by people who do not pay for it
question
nonrival in consumption
answer
if more than one person can consume the same unit of the good at the same time
question
free-rider problem
answer
individuals have no incentive to pay for their own consumption and instead will take a free ride on anyone who does pay
question
public good
answer
a good both nonexcludable and nonrival in consumption
question
common resource
answer
good that is nonexcludable and rival in consumption: you cant stop others from consuming the good, and when they consume it, the less of the good is available for you
question
overuse
answer
the depletion of a common resource that occurs when individuals ignore the fact that their use depletes the amount of he resource remaining for others
question
artificially scarce good
answer
a good that is excludable but nonrival in consumption
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
