Economics 1021A/B Lecture Notes - Private Good, Fish Farming, Marginal Utility

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Michael Parkin

Document Summary

Fish in the atlantic ocean and fish in a fish farm. A live concert and a concert on television: these and all goods and services can be classified according to whether they are excludable or non-excludable and rival or non-rival. A good is excludable if only the people who pay for it are able to enjoy its benefits. Brinks security services, cooke aquaculture"s fish, and a live coldplay concert are examples. A good is non-excludable if no one can be prevented from enjoying its benefits. The services of the london police, fish in the atlantic ocean, and a concert on network television are examples. A good is rival if one person"s use of it decreases the quantity available for someone else. A brinks truck can"t deliver cash to two banks at the same time. A good is non-rival if one person"s use of it does not decrease the quantity available for someone else.