Studied by 5 people
Common resources
________: goods that are rival in consumption but not excludable.
National defense
________ is not excludable nor rival in consumption.
Excludability
________: the property of a good whereby a person can be prevented from using it.
Clean air
________ and water, and congested roads are forms of common resources.
Property rights
________ can make the allocation of resources more efficient if they 're well- run and planned.
Rivalry
________ in consumption: the property of a good whereby one person's use diminishes other people's use.
free rider problem
The ________ keeps private markets from supplying public goods.
Free rider
________: a person who receives the benefit of a good but avoids paying for it.
US federal government
The ________ spent $ 744 billion on national defense in 2017.
common resources
The tragedy of the Commons: a parable that illustrates why ________ are used more than is desirable from the standpoint of society as a whole.
Note 
Flashcard (30)