Glossary

Club good: A type of good or service whereby users or consumers can be excluded, but for which their consumption will not affect others’ consumption.

Common good: A type of good that is consumptive, but not exclusive.

Consumptiveness: The degree to which a good can be consumed or used. Non-consumptiveness occurs when someone uses a good or service and doesn’t diminish the total amount.

Deadweight loss: The loss to society of consumer and producer surplus.

Exclusivity: The degree to which a business can exclude or prevent people from using or consuming a good or service.

Information asymmetry: A situation where one party has more information than the other.

Marginal revenue: The change in total revenue given one extra unit of quantity.

Marginal social benefit: The additional benefit to society from one extra unit of quantity.

Marginal social cost: The additional cost to society from one extra unit of quantity.

Market failure: Inefficiency that occurs when markets fail to allocate goods and services to the point where marginal cost equals price.

Monopoly: A sole producer of goods or services.

Negative externality: Costs imposed on a third party (or society).

Perfect competition: A market condition where there are many buyers and many sellers such that neither can affect market prices.

Positive externality: Benefits accruing to a third party (or society).

Private good: A good or service that is exclusive and consumptive.

Public good: A good or service that is neither exclusive nor consumptive.

Rivalry: The extent to which goods are consumptive.

Welfare loss: The lost producer and consumer surplus resulting from the production of too few goods or services.

References

Bériault, Y., & Borgers, O. (2004). Overview of Canada’s antitrust law. The Antitrust Review of the Americas, pp. 76-79. Retrieved from: http://www.mccarthy.ca/pubs/antitrus_overview.pdf

Gregston, B. (2016, October 28). GMO and Monsanto-Bayer: Global agribusiness’ wild game of monopoly endangers food diversity. Retrieved from: https://www.mondialisation.ca/gmo-and-monsanto-bayer-global-agribusiness-wild-game-of-monopoly-endangers-food-diversity/5553477

Supplementary Materials

Chodosh, S. (2016, October 24). A wild bee in the big city. Environment. Retrieved from: http://scienceline.org/2016/10/a-wild-bee-in-the-big-city/

Furber, D. (2016, November 3). Age verification is getting old. Canadian Cattlemen. Retrieved from: http://www.canadiancattlemen.ca/2016/11/03/the-importance-of-age-verifying-your-cattle/

Hobbs, J.E. (2014). Public and Private Standards for Food Safety and Quality in Global Value Chains (No. 197191). International Agricultural Trade Research Consortium.

Kusch, L. (2015, September 20). Report addresses rail companies having an “effective natural monopoly” on shipping grain. Retrieved from: https://www.winnipegfreepress.com/business/agriculture/Report-addresses-rail-companies-have-an-effective-natural-monopoly-when-it-comes-to-hauling-grain-because-most-shippers-are-served-by-only-one-carrier-317608621.html

WWF. (2015, September 15). Living blue planet report 2015. World Wildlife Fund. Accessible at: http://www.worldwildlife.org/publications/living-blue-planet-report-2015