FInal Flashcards
Excludable and Rival
Private Goods
Excludable and Non-rival
Club Goods
Non excludable and Rival
Common Resources
Non excludable and non rival
Public Goods
What is tragedy of the commons
overusing natural resources
Free rider problem
non-payers benefiting from public goods
Forced Rider
Not involved in public service, but still pay for it
Unemployment
Not currently employed and actively seeking out a job
Labor Force
Employed + Unemployed
Exempt Groups form LF
Students, disabled, incarcerated, and retired
Labor Force Participation Rate
Labor Force/ Adult Pop. (16 and older)
Unemployment Rate
Unemployed /LF
Frictional Unemployment
transition between jobs or back into the work force
Structural Unemployment
There is not enough jobs in a given sector
Cyclical Unemployment
Moves with the business cycle or seasons
Natural Rate of Unemployment
Frictional + Structural
If you like to take risks what happens
x squared
If you don’t like risks what happens
x to the one half
