Economics 1.3 & 1.4 1.0 / 5 based on 1 rating ? EconomicsPublic goods, Private goods and Quasi-public goodsA2/A-levelAQA Created by: maxwarren01Created on: 05-01-18 10:19 What is meant by Non - Excludable? By consuming the good, someone else is not prevented from consuming the good as well. 1 of 8 What is meant by Non - Rival? The benefit other people get from the good does not diminish if more people consume the good. 2 of 8 What are Free Riders? People who do not pay for the good still receive benefits from it, in the same way people who pay for the good do. 3 of 8 What is a private good? Private goods are rival and excludable. For example, a chocolate bar can only be consumed by one consumer. 4 of 8 What is a Quasi - Public good? Quasi (non-pure) public goods have characteristics of both public and private goods. They are partially provided by the free market. 5 of 8 What is a public good? A good that is both non - rivalrous, and non - excludable. 6 of 8 What is Symmetric Information? Symmetric information means that consumers and producers have perfect market information to make their decision. 7 of 8 What is Asymmetric Information? Asymmetric information leads to market failure. This is when there is unequal knowledge between consumers and producers. 8 of 8
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