Define non excludable good

Give an example

Define Rivalrous Good

Give an example

Define Non rivalrous Good

Give two examples: one of a good that is non excludable and non rivalrous and excludable and non rivalrous

List the four different types of goods

Define private goods with examples

Does the market do a good job of providing these goods?

What are club goods?

Examples

Does the market do a good job of providing these goods?

Public goods Define

Examples

Does market do a good job of providing these goods?

Common resources define

examples

How are public goods a type of market failure?

what about monopolies?

Ideally markets would reach a ___, this is when resources are allocated such that no individual can be made better off without making at least one individual worse off.

So how are public goods provided when there are no private solutions?

• Positive externalities are

Negative externalities are

So how can we solve externalities? The issue is that

Draw positive externality

. If you were to leave it up to individuals who do not internalize the externality, then their _

So the private market will lead to _

The Pareto efficient quantity will only be provided where the _

So how can the government get to Q(PE)?

Draw negative externality

How can government cause firms to internalize the cost of their pollution?

Here producers are _

The Coase theorem states that

pigouvian taxes are designed to solve

Pigouvian subsidy is designed to correct