Monday, February 21, 2011

60-Second Good-To-Knows 2-21-11

This week’s topic: Economics

Public Goods: A public good is both nonrival and nonexcludable. A public good can be consumed simultaneously by everyone, and no one can be excluded from enjoying its benefits.

Private Goods: A private good is both rival and excludable.

Common Resources: A common resource is rival and nonexcludable. A unit of a common resource can be used only once, but no one can be prevented from using what is available.

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