Economics 1021A/B Lecture Notes - Lecture 17: Tim Hortons, Private Good, Coldplay

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Classifying goods and resources: goods, services, and resources can be classified according to whether they are excludable or nonexcludable and rival or nonrival, excludable. A good is excludable if only the people who pay for it are able to enjoy its benefits. Brinks security services, tim horton"s coffee, and a. A good nonexcludable if it is impossible (or extremely costly) to prevent anyone from benefiting from it. The services of the police and national defense are: rival examples. A good is rival if one person"s use of it decreases the quantity available for someone else. A brink"s trick can"t deliver cash to two banks at the same time. A good is nonrival if one person"s use of it does not decrease the quantity available for someone else. The services of the police and a concert on network television are examples of nonrival services: a four-fold classification. A private good is both rival and excludable.

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