Chapter 11 - Public Goods and Common Resources
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Last updated 4:06 PM on 4/5/22
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10 Terms
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Common resources
________: goods that are rival in consumption but not excludable.
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National defense
________ is not excludable nor rival in consumption.
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Excludability
________: the property of a good whereby a person can be prevented from using it.
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Clean air
________ and water, and congested roads are forms of common resources.
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Property rights
________ can make the allocation of resources more efficient if they 're well- run and planned.
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Rivalry
________ in consumption: the property of a good whereby one person's use diminishes other people's use.
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free rider problem
The ________ keeps private markets from supplying public goods.
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Free rider
________: a person who receives the benefit of a good but avoids paying for it.
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US federal government
The ________ spent $ 744 billion on national defense in 2017.
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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.
