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chapter 4 matching definitions
  • From Economics, General Economics
  • Due on 15 Sep, 2019 03:12:00
  • Asked On 06 Sep, 2019 07:14:43
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one person consuming a good or service, will not stop another person from or consuming that same product.

the inability to bring about the allocation of resources that best satisfies the wants of a society

people can receive the benefit of a good or service without paying for it

the difference between the price  a product will sell for and the price the seller would be willing to receive.

a person cannot be stopped from consuming or using a good or service

goods or services consumers can get without cost

effects of an activity affect a third party

consumers can be excluded from consuming these, but are felt should be made available.

non-payers can be excluded from consuming these

the difference between the price  a buyer is willing to pay and the actual sale price.

 

Market failures

Non-excludability

Non-rivalry

 

Free rider problem

Quasi-public goods

 

Public goods

Private goods

Externality

Consumer surplus

Producer surplus

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chapter 4 matching definitions
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  • Submitted On 06 Sep, 2019 07:29:19
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