Theme 1.3.3 Public goods (unit 18) Flashcards
1
Q
What are private goods?
A
A good that is both rivalrous and excludable.
2
Q
What are public goods?
A
A good that is both non-rivalrous and non-excludable.
3
Q
What is the free rider problem?
A
It is where an individual or organisation which receives benefits that others have paid for without making any contributions.
4
Q
What is a quasi-public good?
A
It is not either a perfect private good or perfect public good.
