Rivalry (economics)In economics, a good is said to be rivalrous or a rival if its consumption by one consumer prevents simultaneous consumption by other consumers, or if consumption by one party reduces the ability of another party to consume it. A good is considered non-rivalrous or non-rival if, for any level of production, the cost of providing it to a marginal (additional) individual is zero. A good is anti-rivalrous and inclusive if each person benefits more when other people consume it.
Tragedy of the commonsOveruse of a shared resourceIndustrial pollution is one of the consequences of operators ignoring their effect on the shared environment.The tragedy of the commons is the idea that when a resource is shared and can benefit the individual at a cost to the community, it is rational for the individual to overuse the resource, even though this collectively leads to the depletion of the resource for everyone.Collective consumptionCollective consumption refers to goods and services that are produced and consumed on a public, shared, or collective level. The concept provides an alternative to viewing consumption as a purely individual or private activity. Examples of collective consumption include public transportation, public housing, libraries, schools, health care, waste disposal, parks, and police and fire protection.
ExcludabilityIn economics, excludability is the degree to which a good, service or resource can be limited to only paying customers, or conversely, the degree to which a supplier, producer or other managing body (e.g. a government) can prevent consumption of a good. In economics, a good, service or resource is broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry.
Common-pool resourceIn economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of or overuse, because they are subtractable.
Market failureIn neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian writers John Stuart Mill and Henry Sidgwick.
Collective bargainingCollective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong.
Public goodAids to navigation such as lighthouses are often used as an example of a public good, as they benefit all maritime users, but no one can be excluded from using them.In economics, a public good (also referred to as a social good or collective good) is a commodity, product or service that is both non-excludable and non-rivalrous and which is typically provided by a government and paid for through taxation.
Right to propertyThe right to property, or the right to own property (cf. ownership), is often classified as a human right for natural persons regarding their private property. The Fourth Amendment to the United States Constitution is credited as a significant precedent for the legal protection of individual property rights.
VaccineA vaccine is a biological preparation that provides active acquired immunity to a particular infectious or malignant disease. The safety and effectiveness of vaccines has been widely studied and verified. A vaccine typically contains an agent that resembles a disease-causing microorganism and is often made from weakened or killed forms of the microbe, its toxins, or one of its surface proteins.Political sciencePolitical science (sometimes abbreviated as poli sci) is a field which aims to study the scientific aspect of politics. It deals with systems of governance and power, and the analysis of political activities, political thought, political behavior, and associated constitutions and laws. Specialists in the field are political scientists.
Competition lawLaw maintaining market competitionCompetition law, also known by many as antitrust law, is the field of law that promotes and maintains market competition by regulating anti-competitive conduct by companies. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds, and governments have always been subject to scrutiny, and sometimes severe sanctions.*As an Amazon Associate I earn from qualifying purchases.