Goods differ on the basis of whether their consumption is rival and excludable. Explain the terms "rival," nonrival," "excludable," and "nonexcludable" as they are used to define goods
List the four categories of goods and define these categories in terms of rivalry and excludability.
Rivalry occurs when only one party at a time can enjoy a good.
Nonrivalry occurs when many people can enjoy a good simultaneously.
Excludability means that a producer can prevent people from consuming a good.
Nonexcludability means that a producer has difficulty from preventing people from consuming a good.
1. Pure private good: Rival and excludable
2. Pure public good: nonrival and nonexcludable
3. Club good: nonrival and excludable
4. Common pool resource: rival and nonexcludable
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The financing of U.S. import transactions, ceteris paribus
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