Economics Terms

Customers

________ have the option of purchasing their energy from more than one provider.

Normative Statement

________- expresses a judgement about whether a situation is desirable or undesirable.

Free Rider

Public Goods and Common Resources. ________- Those who consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production.

Microeconomics

________ is a branch of economics that studies the economy of consumers or households or individual firms.

Governments

________ intend price ceilings to protect consumers from conditions that could make necessary commodities unattainable.

Non rivalry

________ means that consumption of the good by one individual does not reduce the availability of the good for consumption by others; and non- excludability that no one can be effectively excluded from using the good.

Tax incidence

________- The analysis of the effect of a particular tax on the distribution of economic welfare. ________ is said to "fall "upon the group that, at the end of the day, bears the burden of the tax.