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What are common goods in economics? #commongoods #economics
0:24
What are common goods in economics? #commongoods #eco…
87 views1 month ago
YouTubeEcon Examples Travis Klein
What to know for your “Types of Goods” unit in Microeconomics: - You have to pay for EXCLUDABLE goods to consume them. Otherwise, you’re “excluded” from consumption. - There’s a limited quantity of RIVALROUS goods available. You have to “compete” with fellow consumers for consumption. Here’s the 2x2 excludable vs. rivalrous grid of the 4 goods you need to know: 1) PRIVATE GOODS — excludable & rivalrous 2) PUBLIC GOODS — non-excludable & non-rivalrous 3) COMMON RESOURCE GOODS — non-excludable, bu
0:30
What to know for your “Types of Goods” unit in Microeconomics: - …
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