ECON 1000 Chapter Notes - Chapter 17: Private Good, Deadweight Loss, Individual Fishing Quota
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Chapter 17 public goods & common resources (econ 1000) Goods/services & resources differ in extent to which people can be excluded from consuming them & the extent to which one person"s consumption rivals the consumption of others. *good/service/resource is excludable if it"s possible to prevent someone from enjoying the benefit of it. Nonexcludable = good/service/resource is nonexcludable if it"s impossible to prevent someone from enjoying the benefits. *good/service/resource is rival if its use by one person decreases the quantity available for someone else. Non rival = good/service/resource is nonrival if its use by one person doesn"t decreases the quantity available for someone else. 1 person"s benefit doesn"t lower the benefit of others. Private good = good/service that"s both rival & excludable. Public good = good/service that"s both nonrival & nonexcludable. & no one can be excluded from enjoying its benefits. Common resource = resource that"s rival & nonexcludable. Natural monopoly good = good that is nonrival & excludable.