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.
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