University:
Bradley University
Course:
ECO 199 | Foundational Topics in Economics
Academic year:

2023
Views:

18

Pages:

2
Author:

rezancuk2j

1. A cost or benefit that affects a third party not involved in a market transaction is called a(n) _____. 2. A(n) _____ externality occurs when third parties experience harm from a market activity. 3. _____ externalities occur when third parties receive unintended benefits from the consumption of a product. 4. The total impact of a market activity on all members of society is reflected in the _____ cost or benefit. 5. When only buyers and sellers are considered, the result is a measure of _____ cost or benefit. 6. The government's use of taxes or subsidies to influence market behavior is known as _____. 7. A good that is both non-rival and non-excludable is classified as a _____ good. 8. A person who benefits from a good without paying for it is called a _____. 9. Goods that are excludable but non-rival are known as _____ goods. 10. The overuse of common property resources due to lack of ownership is called the _____. 11. Clean air and wild fish are examples of _____. 12. When people choose a certain outcome over a gamble, they are showing _____. 13. A government payment to encourage consumption or production is called a _____. 14. The legal right to own and control a resource is referred to as a _____. 15. Markets cannot provide goods that are ______. Answers: 1. externality 2. negative 3. consumption 4. social 5. private 6. economic regulation 7. public 8. free-rider 9. club 10. tragedy of the commons 11. common property resources 12. risk aversion 13. subsidy 14. property right 15. non-excludable