Basic Economic Concepts

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Incentives

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Motivations or rewards that influence the behavior of individuals or groups.

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Negative Incentives

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Penalties or punishments that discourage certain behaviors.

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Positive Incentives

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Rewards or benefits that encourage certain behaviors.

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Rational Decisions

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Choices made based on logical reasoning and available information.

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Public Goods and Services

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Goods and services provided by the government for free or at a subsidized rate.

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Private Goods

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Goods that are owned by individuals or companies and are excludable and rivalrous.

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Club Goods

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Goods that are excludable but non-rivalrous, such as subscription services.

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Rivalrous

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A characteristic of goods where one person's use diminishes availability to others.

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Non-Rivalrous

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A characteristic of goods where one person's use does not reduce availability to others.

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Excludable

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A characteristic of goods where people can be prevented from using them.