Definitions
Goods with two features: 1. the amount consumed by one person is unavailable to others. 2. nonpayers can easily be excluded.
What are Private goods
Why cant public goods be provided through the market system
Who would pay for it?
2 examples of goods the government is better suited to give to public
The main source of poverty in the United States
What is education level of working people in household?
The middle income when a group of incomes is ranked from lowest to highest.
What is median income?
products of consumption or production that benefit third parties, who are not buyers or sellers.
What are Positive externalities?
Goods that are rival but nonexclusive are called open access goods because it would be ____________ and _________________ to block access to these goods
What are Difficult and Costly
What is production and consumption?
Offers no guarantee that people will earn enough to survive.
What is private sector
Cash transfers for retirees,the unemployed, and others with a work history and a record of contributions to the program
What is Social Insurance?
Goods that are rival in consumption but exclusion is costly.
What are Open access goods?
What is the problem with open-access goods
what is absence of regulations leads to open access goods being overused?
Positive externalities occur when the by-product of consumption or production benefit ____________. these people are neither buyers or sellers in the transaction.
what are third parties?
High income households usually consist of _____________ where both spouses work.
What is well educated?
Government programs that provide money and in-kind assistance to poor people.
What are Income Assistance programs?
Products of production or consumption that impose costs on third parties, neither are buyers or sellers.
What are negative externalities?
the four categories of goods
What are Private goods, public goods, Quasi-public goods, and Open-access goods.
Example of positive externality
What is Vaccination
This country has the highest teenage pregnancy rate of all the developed countries?
What is the United States?
Goods that, once produced, are available to all but nonpayers are not easily excluded.
What are Quasi-public goods
The government provides public goods and they are enforced through __________
What is taxation
3 examples of negative externalities
What is air pollution, water pollution, and natural resource depletion?
Income depends primarily on this in a market economy.
What are earnings?