Chapter 11

  1. excludability
    the property of a good whereby a person can be prevented from using it
  2. rivalry
    the property of a good whereby one person's use diminishes another person's use
  3. private goods
    goods that are both excludable and rival
  4. public goods
    goods that are neither excludable nor rival
  5. common resources
    goods that are rival but not excludable
  6. natural monopoly goods
    goods that are excludable but not rival
  7. free rider
    a person who receives the benefit of a good but avoids paying for it
  8. cost-benefit analysis
    a study that compares the costs and benefits to society of providing a public good
Card Set
Chapter 11
A.P. Economics textbook, Chapter 11 vocabulary