10.1-10.2 Econ
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Created by:
jsigmon141 on October 17, 2011
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11 terms
Terms | Definitions |
|---|---|
 Exludable | Good service or resource is excludable if it is possible to Prevent a person from enjoying it's Benefits |
| Non-excludable | Good service or resource is non excludable if it is impossible to prevent a person from benefiting from it |
| Rival | A god resource or device is rival if it's used by one person and decreases the quantity available to someone else |
| Non-rival | Does not decrease quantity available to someone else |
| Private goods | Consumed by only one person at a time Nd only by those who bought it |
| Public goods | Consumed simultaneously by everyone and no one can be excluded |
| Common resource | Only usable once but no on is excluded |
| Natural monopoly | Both non rival and excludable goods services and resources |
| Free rider | A Peeson who enjoys the benefits of a good or service without paying for it |
| Principle of minimum diffraction | Tendency for competitors to make themselves Identical |
| Rational ignorance | Decision not to acquire info because marginal cost of doing so exceeds the marginal benefit. |
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