PPT-Public Goods & Resources (11)

Mr Barnett AP Microeconomics University High School Introduction We consume many goods without paying parks national defense clean air amp water When goods have no prices the market forces that normally allocate resources are absent . Licences are issued for five years Refer to schedule of fees and charges for the applicable fee 1 Do you need a licence A dangerous goods driver licence is required to transport dangerous goods in a receptacle with a capacity of more than 500 L or m Recall . Eusocial. Insects: Altruism. Inclusive Fitness . . Kin Selection. Monogamous Queens. Multiply-Mated Queens .  Lower . r. Kinship, . Coercion & Policing. Public Goods & Reputation: Humans. Gerard Breeman. Katrien . Termeer. Wageningen . University. Elinor. . Ostrom. People can and do work . together to manage . common resources —grazing . lands, forests, irrigation waters, . fisheries—. Trade-offs. Opportunity Costs. Trade-Offs. This is the decision making process that is occurring in your mind right now! . Am I going to pay attention to what Mr. . Nagelhout. is saying, or am I going to daydream? . Chapter 19. Outline. Four Types of Goods. Private Goods and Public Goods. Nonrival. . Private . Goods . Common . Resources and the . Tragedy of . the Commons. . 2. Introduction. 3. On September 29, 2004, . NC CTE 5.01: Understand fundamental economic concepts to obtain a foundation for employment in business.. Distinguish between economic goods and services . Want. - . A desire for something that may or may not be required . Introduction. We consume many goods without paying: . parks, national defense, clean air & water. . When goods have no prices, the market forces that normally allocate resources are absent. . The private market may fail to provide the socially efficient quantity of such goods. . A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called. A) a public good. . B) a merit good.. C) an externality. . D) the free rider problem.. Nyakundi M. Michieka. Overview. In this chapter, you will learn about:. Why . the Private Sector Under Invests in Technologies. How . Governments Can Encourage Innovation. Public . Goods. 2. The Benefits of Voyager I Live On. Microeconomics. Macroeconomics . What is Economics?. The study of how a society allocates their . “Scarce” . resources to satisfy society’s . “Unlimited”. wants.. Resource Allocation. Profit Maximizing (both Productive Efficient and Resource Allocation Efficient). Economic Growth. There are . 4. factors of production that influence economic growth within a country:. Investment in . human capital. . Investment in . capital goods. Natural resources. available. s. (. CH. 4007. ). Lectu. r. e. . 6. Market failure: public goods and externalities. Lecturer. :. . Xian. Learning Objectives. Explain why free markets sometimes fail to produce optimal outcomes.. This web quiz may appear as two pages on tablets and laptops.. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.. Market Failures (continued). Laura Jackson Young. Characteristics of Goods. Excludability. : A person can be prevented from using it. Rivalry in consumption. : One person’s use diminishes other people’s use. Different Types of Goods.