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Chapter 11

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CAS EC 101
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Chapter 11: public goods and common resources - The different kinds of goods o Goods are grouped in 2 categories  Excludability: the property of a good whereby a person can be prevented from using it  Rival in consumption: the property of a good whereby one person’s use diminishes other people’s use  Using these 2 categories, goods can be categorized into 4 types - Private goods: both excludable and rival in consumption - Public goods: neither excludable or rival in consumption - Common resources: rival in consumption, not excludable - When a good id excludable but not rival in consumption, it is a good produced by a natural monopoly - Public goods o The free rider problem  Free-rider is a person who receives the benefit of a good but avoids paying for it  Public goods not excludable, free rider program prevents private market from supplying them  governments -
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