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Economics

Study Slideshow

What good it will be if it is excludable and rival?

Private good

Non-excludable and rival good is...

Quasi-public good

Non-rival and excludable

Quasi-public good

Non-excludable and non-rival

Public good

The fundamental economic problem of scarce resources in relation to unlimited wants only arises in situations where economists are dealing with...

Private goods

What is shown in the image

Classification of goods

What are the two characteristics used by economists to determine the type of goods?

Excludability and rivalry

When good is excludable?

When other consumers can be prevented from using or consuming it

When good is rival?

when only one person can consume it and in doing so the good is not available for other consumers

Why free goods have zero opportunity cost

Because consumption is not limited by scarcity

What kind of good is the thing on the man's hand?

Private good

Which of the following movements would represent economic growth?

From Z to V

Calculate the opportunity cost from E to A

4 million guns