Public goods/Externalities

The part of the economy that involves the transactions of the government.

• Private sector

• Free rider

• Public sector

• Externality

Someone who would not choose to pay for a certain good or service,but who would get the benefits of it anyway if it were provided as a public good.

• Market failure

• Externality

• Public good

• Free rider

The part of the economy that involves the transactions of individuals and businesses.

• Public sector

• Externality

• Private sector

• Public good

Is a situation in which the market, on its own, does not distribute resources efficiently.

• Public good

• Private sector

• Externality

• Market Failure

An Economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

• Public good

• Free rider

• Externalities

• Private sector

A shared good and service for which would be impractical to make consumers pay individually and to exclude nonpayers.

• Externality

• Public sector

• Public good

• Private sector

Free riders are examples of....

• public sector

• public good

• Externality

• Market Failure

An example of a public good is...

• Firefighters

• police officers

• parks

• all of thee above

Some decisions to produce goods and services generate unintended costs, called......

• positive externalities

• Negative private sector

• Negative externalities

• Positive private sector

Which best describes a public good?

• A good provided by the government 
• A good purchased by individuals
• A good that exists only in a free market
• A good that produces no externalites