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Lecture 64

ECON 1010 Lecture 64: Lecture 64
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3 Pages
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Department
Economics
Course Code
ECON 1010
Professor
Laura K.Brown

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Description
Oc98 Principles of Microeconomics CHAPTER 11 – Public Goods and Common Resources: 1. We consume many goods without paying: parks, national defense, clean air & water 2. When goods are free, the market forces that normally allocate resources are absent 3. The private market may fail to provide the socially efficient quantity of such goods 4. Governments can sometimes improve market outcomes 5. Without prices, Adam Smith’s market breaks down The Different Kinds of Goods: 1. In thinking about various goods in the economy, it is useful to group them according to two characteristics: o Is the good excludable? Can people be prevented from using the good? 1. Excludable: the property of a good whereby a person can be prevented from using it 2. Ex: excludable: tacos, concert tickets Ex: non-excludable: FM radio signals, national defense, parks 1. Is the good rival in consumption? Does one pers
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