Matching Definitions Chapter 4
one person consuming a good or service, will not stop another person from or consuming that same product.
the inability to bring about the allocation of resources that best satisfies the wants of a society
people can receive the benefit of a good or service without paying for it
the difference between the price a product will sell for and the price the seller would be willing to receive.
a person cannot be stopped from consuming or using a good or service
goods or services consumers can get without cost
effects of an activity affect a third party
consumers can be excluded from consuming these, but are felt should be made available.
non-payers can be excluded from consuming these
the difference between the price a buyer is willing to pay and the actual sale price.
Free rider problem
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