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3 Tutorials that teach Defining public and private and the “tragedy of the commons”
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Defining public and private and the “tragedy of the commons”

Defining public and private and the “tragedy of the commons”

Author: Catherine Barry
Description:

This lesson will explain Defining public and private and the “tragedy of the commons”

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Tutorial
Terms to Know
Club Goods

Goods that are excludable and non-rivalrous.

Common Goods

Shared good that is available to all members of a community.

Excludability

A good that is accessible to all individuals, but requires payment or special access.

Free-Rider

An individual who consumes more of a common good, decreasing the opportunity of another individual to consumer their proportionate share.

Private Goods

A good that can be limited and therefore exclusive, and available for only limited consumption, and therefore rivalrous.

Public Goods

A good that is considered both non-rivalrous and non-exclusive.

Rivalry

Once a good is consumed, it is no longer available for consumption by another individual.