economics

posted by .

Identify similarities and differences between common goods, public goods, private goods, and natural monopolies. Provide an example of each type of good and justify your answers. Discuss possible positive or negative externalities associated with each example. How do the externalities affect the economy

  • economics -

    Your terminology is confusing.

    Do you mean "private and public goods" (i.e. owned property)or "the private and public good" (i.e well being) ?

    How do you define a "natural" monopoly as opposed to an unnatural one?

  • economics -

    Examples:
    common good -- fish in the river. The fish are available to anybody who wants to go after it.
    public good -- A park - Something where nobody can be excluded, each person can enjoy as much as he/she wants.
    private good -- A burger at Wendys. The owner gets full and sole consumption
    Natural Monopoly -- Water and sewer. A natural monopoly occurs when the "product" has declining average costs for all reasonably possible levels of production. Often because they require huge amounts of fixed capital. Because of the declining average costs, the firm will naturally squeeze out any competitors; the firm can always offer the product at a lower cost.

    Public and common goods have congestion problems. For private goods, the owner doesnt necessarily bear he costs of, say, the pollution generated when making the good. Natural monopolies often irk people off with their motto "we don't care, we don't have to"

  • economics -

    i agree

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics

    Multiple Choice: Products with a positive income elasticity greater than one are: a)dying products b)normal goods c)luxury goods d)inferior goods Take a shot. Be sure to research the concepts of normal, inferior, and luxury goods. …
  2. economics

    why do governments provide certain goods instead of leaving the provision of those goods to the free market?
  3. economics

    The condition of non-exclusiveness means that: It is difficult to keep someone from benefiting from a public good.; There are negative externalities associated with a public good.; The public good is not very fancy.; or There are positive …
  4. Economics

    Goods produced by the government are called?
  5. college

    define"common goods, public goods, private goods, and natural monopolies"
  6. economics

    give examples of normal and inferior goods---> what are the similarities and the differences between the 2 groups?
  7. microeconomics

    Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party. Identify a positive and a negative externality. Discuss the benefits …
  8. Micro Economics

    Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party. Identify a positive and a negative externality. Discuss the benefits …
  9. Anthropology

    Redistribution involves: (Points : 1) the exchange of goods between people already associated with each other. the systematic movement of wealth toward an administrative center and its reallocation by authorities. the exchange of goods …
  10. Economics

    All goods and services are scarce because A. some goods cost more than others. B. resources are limited. C. things are either needs or wants. D. greedy people want too many goods. B?

More Similar Questions