refers to the benefit to society when one more unit of a good is consumed
Back
Card 7
Front
are goods that would not be provided at all in a free market but which are necessary and benefitial to society. They are non-rivalrous and non-excludable but underprovided.
Back
Card 8
Front
goods which are rivalrous and excludable
Back
Card 9
Front
consumption by one person reduces its availability to someone else
Back
Card 10
Front
possible to exclude others from using the good once it has been provided, because you have to pay for the good to use or consume it
Back
Card 11
Front
it exists because no one is willing to pay for a good or service when there is hope that somebody else will pay for it. This is why the good will not be provided by the free market.
Back
Card 12
Front
goods that are beneficial to the individual and society as a whole, and are usually under-provided in a free market
Back
Card 13
Front
goods that are considered harmful to the individual and society as a whole, and are usually over-provided in a free market
Back
Card 14
Front
occurs when the production or consumption of a good or service has an effect on a third party
Back
Card 15
Front
is a situation where the production of a good or service generates a negative effect on a third party or society, which has not been part of the decision-making process of producing such good
