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| Term | Definition |
|---|---|
| Private Goods | Goods with two features 1. The amount consumed by one person is unavailable to others and 2. nonpayers can easily be excluded; you buy a personal pizza when out with friends |
| Public Goods | Good that, once produced, are available to all, but nonpayers are not easily excluded; public parks or national defense |
| Quasi-Public Goods | Goods that, once produced, are available to all, but non-payers are easily excluded; Cable television |
| Open Access Goods | Goods that are rival in consumption but exclusion is costly; fishing grounds |
| Negative Externalities | By-products of production or consumption that imposes costs on third parties, neither buyers nor sellers; air pollution |
| Positive Externalities | By-products of consumption or production that benefit third parties, who are not buyers or sellers; people who get vaccinated |
| Terms | 6 |
| Creator | mjdolenko |
| Created | October 7, 2009 |
| Group | DRHS Economics |
| Subject | Economics |
| Access | Anyone |
| Edit | Creator Only |
The private sector cannot profitably supply some goods that people want, so the government has to step in and do it. The government will also intervene to help protect the environment from the market's performance.