Mention the Goods Lecture | Lecture Note - Edubirdie

University:
Sam Houston State University
Course:
ECON 2300 | Introduction To Economics
Academic year:

2020
Views:

378

Pages:

11
Author:

SpaceCadet101

Quiz #3 • Mention the goods that are excludable (50 pts) (two goods) Mention the goods that are non-rival (two goods) (50 pts) Answer: Private & Artificially Scarce Goods (Natural Monopolies) Answer: Public & Artificially Scarce Goods (Nat. Monopolies) Why excludability & Rivalry matters? Answer: Non-excludable & non-rival goods can not be prouded by the free market because their equilibrium price is Eero. Common Goods (Externalities are part of common goods) Common goods are non-excludable & rival. The problem is that you can not charge for it because is non-excludable. Public grazing land: the land is overused, too much grazing. All pollution: too much air pollution Animals in the wild: too much hunting. Fish in a lake: too much fishing The fact that common goods tend to be overused is called "The Tragedy of the Commons" 1800's english Economist Harding grazing sheep Summary: Common good can not be provided by the market in a sufficient way Tend to be overused Solutions Make it a private good: make it excludable. • Fence the land • Prohibit access to lakes • Toll road • Taxes • Issue licenses for hunting Dictate: tell people what to do and enforce it. From common goods to externalities Externalities are a type of common goods.

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