the total costs and benefits of the project to society as a whole
  • Disadvantages of government provision of a public good
  • A common theme among examples of market failure is
  • Cost benefit analysis
  • A cost-benefit analysis would be used to estimate
some item of value does not have an owner with the legal authority to control it.
  • Ways for the government to solve the problem of excessive use of common resources
  • A common theme among examples of market failure is
  • Tragedy of the Commons: Government
  • A cost-benefit analysis would be used to estimate
both public goods and common resources.
  • "externalities arise because something of value has no price attached to it" is associated with
  • A cost-benefit analysis would be used to estimate
  • Goods that are rival in consumption include
  • Ways for the government to solve the problem of excessive use of common resources
Are excludable but not rival
  • Public goods are
  • Club Goods
  • Public Goods
  • Private Goods
if one person's enjoyment of the good prevents other people from enjoying the same unit of the good.
  • Excludability
  • A good is rival
  • free-rider
  • A good is excludable
Are both excludable and rival
  • Private Goods
  • Public Goods
  • Public goods are
  • Club Goods
National DefenseBasic ResearchFighting Poverty
  • important Public Goods
  • Governments provide
  • A good is excludable
  • important Common Resources
can solve the problemRegulation or taxes to reduce consumption of the common resourceTurn the common resource into a private good
  • THE IMPORTANCE OF PROPERTY RIGHTS
  • Solving the Free-Rider Problem
  • Tragedy of the Commons
  • Tragedy of the Commons: Government
public goods, making quantity decisions based upon cost-benefit analysis.
  • Common Resources
  • important Common Resources
  • Cost benefit analysis
  • Governments provide
The market fails to allocate resources efficiently when property rights are not well-established.When the absence of property rights causes a market failure, the government can potentially solve the problem.
  • Tragedy of the Commons: Government
  • Disadvantages of government provision of a public good
  • THE IMPORTANCE OF PROPERTY RIGHTS
  • Solving the Free-Rider Problem
neither rival nor excludable.
  • Public goods are
  • Club Goods
  • Public Goods
  • Private Goods
Are neither excludable nor rivalGives rise to positive externalities
  • Club Goods
  • Public goods are
  • Private Goods
  • Public Goods
if it is possible to prevent someone from using it
  • Common Resources
  • A good is excludable
  • A good is rival
  • important Public Goods
The government can decide to provide the public good if the total benefits exceed the costsThe government can make everyone better off by providing the public good and paying for it with tax revenue
  • Disadvantages of government provision of a public good
  • Tragedy of the Commons: Government
  • Solving the Free-Rider Problem
  • THE IMPORTANCE OF PROPERTY RIGHTS
common resources and private goods.
  • A common theme among examples of market failure is
  • Goods that are rival in consumption include
  • A cost-benefit analysis would be used to estimate
  • Tragedy of the Commons: Government
rival but not excludable, Because people are not charged for their use of common resources, they tend to use them excessivelyGovernments tend to try to limit the use of common resources
  • Cost benefit analysis
  • Common resources are
  • Common Resources
  • Solving the Free-Rider Problem
refers to a study that compares the costs and benefits to society of providing a public good
  • The free-rider problem
  • Cost benefit analysis
  • A cost-benefit analysis would be used to estimate
  • Excludability
Are rival but not excludableGives rise to negative externalities
  • Common resources are
  • Common Resources
  • Public Goods
  • Governments provide
The government does not know the exact willingness of consumers to pay for the public good.Taxpayers do not agree on the optimal quantity of the public good that the government should provide.
  • THE IMPORTANCE OF PROPERTY RIGHTS
  • A cost-benefit analysis would be used to estimate
  • Disadvantages of government provision of a public good
  • Solving the Free-Rider Problem
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