Excludable and Rivalrous Goods - Explained
What are Excludable and Rivalrous Goods?
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Public goods are said to have two characteristics. They are:
What are Excludable Goods?
An excludable good can be limited in terms of who can and access the good. Excludability is generally on a scale. That is, there are varying degrees to which the producer, owner, or governing body of a good may selectively limit access to or consumption of the goods.
What is a Rivalrous Good?
A rivalrous good is a finite good. That is, if one person is accessing, using, or consuming the good, it limits the ability for a second party to access, use or consume that good.
Back to:ECONOMIC ANALYSIS & MONETARY POLICY
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- What is the Free Rider Problem for Public Goods?
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- What is the Tragedy of Commons for Common Resources?
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