xeco212_appendix_c - government like national defense,...

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Associate Level Material Appendix C Differentiating Between Market Structures Table and Questions Fill in the matrix and describe differences in public and private goods, common resources, and natural monopolies. Use your book and the Tomlinson video tutorials as a tool to help you answer questions about market structures. Example Is there a rival in consumption? Is it excludable? Private Good Automobiles Yes Yes Public Good National defense No No this is a non excludable item Common Resource Cows for meat Yes No this is a non excludable item Natural Monopoly Water No Yes 1. What is the difference between a public good and a private good? Public goods are those things in which all parties need or they require for their safety, health, or security but which are not need all the time and in which someone would rather not pay for. Public goods are normally stuff provide by the
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Unformatted text preview: government like national defense, social security stuff that you would not want a private company in charge of if you want to stay a free society. Private goods are opposite of public goods stuff like cars and computers. There are many company that provide the goods and service you need and pay for it keep people that do xeco212r1 not need it to get those goods unless they pay for them because the government will not buy it for them. 2. What is a common resource? Common resource is something that everyone needs and has. Like land, water, and oil. 3. What is a natural monopoly? It is a company that is the sole provider of good or service within the area and you have no choice but to use them with you want to use their service. Like the water you get from the city you have no choice to pay for it or you good without. xeco212r1...
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xeco212_appendix_c - government like national defense,...

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