Public Goods, Private Goods, and Common Resources
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11th - 12th Grade
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Hard
Brian Galang
Used 2+ times
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4 Slides • 0 Questions
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Public Goods, Private Goods, and Common Resources
Public Goods - public goods are nonrival (or, equivalently, has shared consumption) and nonexcludable.
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Public Goods, Private Goods, and Common Resources
Private Goods - a private good is rival and excludable (or, equivalently, meets the exclusion principle).
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Public Goods, Private Goods, and Common Resources
Common Resource - a common resource is rival and nonexcludable
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Practice Problem 10.1
It's a balmy, pleasant Sunday afternoon on a fall day on Long Island, where the U.S. Open Tennis Men's Singles Finals are being played. A variety of goods and services are being consumed. Classify each of the list of goods and services as rival, nonrival (or shared consumption), excludable, and nonexcludable. State if they are a public good, a private good, or a common resource.
Public Goods, Private Goods, and Common Resources
Public Goods - public goods are nonrival (or, equivalently, has shared consumption) and nonexcludable.
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