Flashcards in Discovery Unit 15 Glossary Deck (10):
A good that is both excludable and rival.
Refers to a good that is either costly or impossible to exclude a person from using it.
Refers to a good that a person can be prevented from consuming.
Refers to a good that can be consumed by one person and still remain available for consumption in the same amount by another person as well.
Refers to a good that, once consumed by one person, is no longer available for consumption in the same amount by another person.
Type of good that is non-excludable and a rival in consumption. An example is a fish caught in a public pond.
Type of good that is excludable and a non-rival rival in consumption. An example is an on-demand movie.
Refers to a problem that can arise in which people have an incentive to let others pay for a public good and then take advantage of those purchases made by others. The free rider problem can also be expressed in terms of the prisonerﾒs dilemma game.
Tragedy of the Commons
Overuse of common resources.