Economic Concepts
Is the utility gained by consuming one or more unit of a product
What is marginal utility?
A measure of market concentration.
What is the Herfindahl Index?
Contractual partnership arrangement between the government and a private party/company to supply goods, delivery of services, and produce physical assets.
What is a Public Private Partnership
What is an externality?
Goods/services produced domestically and shipped out of the country (or region) to be sold elsewhere
What are exports
Is the satisfaction gained from all units consumed and equals the sum of marginal utilities.
What is total utility?
In a corporate legal environment this allows individuals to benefit from their investments.
What are property rights?
Delegating two or more main tasks of a public private partnership to the private sector is known as
What is bundling?
A factor that causes a externality regarding who owns the area/ resource being affected is know as
What is incomplete property rights?
goods or services produced in other countries and shipped to the domestic economy from abroad to be sold
What are imports?
Is the net benefit between total value and total spending.
What is consumer surplus?
This market structure is considered to be the most efficient.
What is perfect competition?
When looking at advantages of P3's which sector of the partnership can generally better manage risk.
What is the private sector?
Once private property rights are established no government is needed to deal with externalities is a theory known as
What is Coase theorem?
What is the theory of comparative advantage?
What is producer surplus?
This market structure has many barriers to enter, with a few firms with high degrees of interdependence upon them and above normal profits.
What is Oligopoly?
A potential problem which can arise from bundling.
What is asymmetric information?
Resources that can replenish themselves over a short period of time
What is a renewable resource?
A tax on imported goods
What is a tariff?
When it is impossible to make someone better off without making someone worse off
What is Pareto efficiency?
In this market structure on firm has at least over 50% share of total shares of the market.
What is the dominant firm model?
An extension of contracting out, but with a bit more risk for the public sector partner.
This principle states common property/ open access renewable resources require limits and quotas to ensure sustainability
What is Tragedy of the Commons principle?
Quantity restriction on imports
What is a quota?