Public goods

• Excludability is property of a good whereby a person can be prevented from using it if they do not pay
• Free rider problem is people benefitting from resources, goods or services that they do not pay for
• Missing market are associated with the difficulties that the free market has in providing pure public goods
• Non excludability ➔ The ability to exclude others from the benefits of a good or service.
• non rival consumption means that consumption of a good by one person does not reduce the amount available for others
• Quasi Public goods is a near-public good. they are semi rival and semi excludable
• Tragedy of the commons is when no one owes a resource and it may get over-used.