Enhance Your Learning with Economics - Public Goods Flash Cards for quick learning
Goods that are non-excludable and non-rivalrous, meaning they are available to all individuals and one person's consumption does not diminish the availability for others.
A characteristic of public goods where it is difficult or impossible to exclude individuals from consuming the good, even if they do not contribute to its provision.
A characteristic of public goods where one person's consumption of the good does not reduce the amount available for others to consume.
The issue that arises when individuals can benefit from a public good without contributing to its provision, leading to underproduction or the collapse of the good.
A situation where the market fails to efficiently allocate resources, such as in the case of public goods where they may be underprovided due to the free rider problem.
The involvement of the government in providing public goods to overcome the free rider problem and ensure their provision for the benefit of society.
An evaluation of the costs and benefits associated with the provision of public goods to determine whether they should be provided by the government.
The positive or negative effects of the production or consumption of a good on third parties who are not directly involved in the transaction.
A situation where individuals exploit a shared resource, leading to its depletion or degradation, highlighting the importance of managing common pool resources.
Resources that are rivalrous but non-excludable, such as fisheries or forests, which require collective action to prevent overuse or depletion.
The study of how the government raises and spends money to provide public goods and services, and how it influences the economy.
The levying of taxes by the government to generate revenue for the provision of public goods and services, and to influence economic behavior.
An experimental game used to study cooperation and the provision of public goods, where individuals can choose to contribute or free ride.
A type of externality where the production or consumption of a good creates benefits for third parties, leading to underprovision in the absence of government intervention.
A type of externality where the production or consumption of a good imposes costs on third parties, leading to overprovision in the absence of government intervention.
The additional benefit to society from the consumption of an additional unit of a public good, taking into account the benefits to all individuals.
The additional cost to society from the production of an additional unit of a public good, taking into account the costs to all individuals.
A state where it is impossible to make any individual better off without making someone else worse off, indicating an efficient allocation of resources.
A method of financing public goods where individuals contribute based on their willingness to pay, ensuring efficient provision and avoiding the free rider problem.
The condition that the sum of individuals' marginal willingness to pay for a public good equals the marginal cost of its provision, ensuring efficiency.
The provision of public goods through voluntary contributions by individuals, which may be insufficient due to the free rider problem.
The proposition that if property rights are well-defined and transaction costs are low, private bargaining can lead to an efficient allocation of resources, even in the presence of externalities.
A collaboration between the government and private sector to provide public goods and services, combining the efficiency of the private sector with the public interest.
A method of financing public goods through small contributions from a large number of individuals, often facilitated through online platforms.
Charges imposed on individuals for the use of public goods or services, providing a source of revenue for their provision.
The principle that individuals should contribute to the provision of public goods based on the benefits they receive, ensuring fairness and efficiency.
The principle that individuals should contribute to the provision of public goods based on their ability to pay, ensuring a progressive distribution of the tax burden.
A model of local public goods provision where individuals can choose the jurisdiction that best matches their preferences, leading to efficient provision through competition among local governments.
The exclusion of certain individuals from the benefits of public goods due to their inability to pay, raising concerns of inequality and social exclusion.
Goods or services that are considered beneficial for individuals or society, often provided by the government to ensure their provision and promote social welfare.
Goods or services that are considered harmful or undesirable, often subject to government intervention through regulation or taxation to discourage their consumption.
The provision of national defense as a public good by the government to protect the country and its citizens from external threats.
The provision of education as a public good by the government to ensure equal access to knowledge and promote human capital development.
The provision of healthcare as a public good by the government to ensure access to medical services and promote public health.
The provision of infrastructure as a public good by the government to support economic development and improve the quality of life for citizens.
The provision of environmental protection as a public good by the government to preserve natural resources and mitigate pollution.
The provision of funding for research and development as a public good by the government to promote innovation and technological advancement.
The provision of funding for the preservation of cultural heritage as a public good by the government to protect and promote cultural diversity.
The provision of disaster relief as a public good by the government to assist affected individuals and communities in times of natural or man-made disasters.
The provision of public transportation as a public good by the government to facilitate mobility, reduce congestion, and promote sustainable transportation.
The provision of parks and recreational facilities as public goods by the government to enhance the quality of life and promote physical and mental well-being.
The provision of social welfare programs as public goods by the government to support individuals and families in need and reduce poverty.
The provision of public safety services as public goods by the government to maintain law and order, protect citizens, and prevent crime.
The provision of disaster preparedness measures as public goods by the government to minimize the impact of disasters and ensure the safety of citizens.
The provision of energy infrastructure as a public good by the government to ensure reliable and affordable energy supply for households and businesses.
The provision of telecommunications infrastructure as a public good by the government to facilitate communication and promote connectivity.
The provision of waste management services as a public good by the government to ensure proper disposal of waste and protect the environment.
The provision of clean and safe water supply as a public good by the government to promote public health and ensure access to basic necessities.
The provision of sanitation services as a public good by the government to promote public health and ensure proper waste disposal and hygiene.
The provision of affordable housing as a public good by the government to ensure access to decent and secure housing for all individuals and families.
The provision of social infrastructure, such as schools, hospitals, and community centers, as public goods by the government to support social well-being and community development.