micro economics definitions quiz

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  • Created by: char
  • Created on: 24-01-17 18:29
demerit good
A good that would be over-consumed in a free market, as it brings less overall benefit to consumers than they realise
1 of 8
public good
A good that posses the characteristics of non-excludability and non-rivalry in consumption
2 of 8
partial market
where the free market provides a product but with misallocation of resources
3 of 8
information failiure
where economic agents do not properly perceive the benefits or disadvantages of a transaction
4 of 8
free rider problem
Where some consumers benefit from other consumers purchasing a good, particularly in the case of public goods
5 of 8
merit good
A good that would be under-consumed in a free market, as individuals do not fully perceive the benefits obtained from consumption
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Quasi public good
A good that has some of the qualities of a public good but does not fully posses the two required characteristics of non-rivalry and non-excludability
7 of 8
complete market failiure
where the free market fails to provide a product at all, i.e. the case of public goods
8 of 8

Other cards in this set

Card 2

Front

public good

Back

A good that posses the characteristics of non-excludability and non-rivalry in consumption

Card 3

Front

partial market

Back

Preview of the front of card 3

Card 4

Front

information failiure

Back

Preview of the front of card 4

Card 5

Front

free rider problem

Back

Preview of the front of card 5
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