Classification of goods for each good below state whether...

Classification of Goods For each good below, state whether the good/service is (1) rival or non-rival, (2) excludable or non-excludable, and (3) a public good, private good, common resource, or club good (artificially scarce good). Good Rivalry Excludability Type of Good Toll roads Select Select Select Highways Select (non-toll) Select Select Fisheries Select (unregulated) Select Select Select Ice cream Select Select Select Cable Satellite TV Select Select Select Antenna TV Select Select Select Forests (for logging) Select Select Select National defense Select Select Select

Transcript

00:01 So here we have to think about different types of goods, right? and these goods are classified based on whether they're rival or non -rival.

00:11 And excludable versus excludable.

00:13 Rival means that can more than one person consume it at a time.

00:16 So for a hamburger, only one person can eat the hamburger, but for a sunset, multiple people can look at the sunset at the same time.

00:23 Excludable means can you be forced, can you be forcibly barred from it, right? you cannot go and take someone's private property.

00:33 You can't force the car dealership to give you a car.

00:36 But if you try to appreciate the sunset, nobody can block you from appreciating the sunset.

00:42 If something is rival and excludable, we call it private.

00:46 That is it's totally private to you.

00:48 If it is excludable but rival, we call it club.

00:51 Think of netflix, right? many people can watch the same netflix show at once, but netflix controls the gate about who gets in.

00:58 If it's not excludable, but rival, we call it a commons good.

01:04 Think of a fishery, right? a fishery says that, you know, if one person takes the fish out of the ocean, the other person can't, but everyone can get on the ocean.

01:13 There's no way to block people from fishing.

01:15 And then if it is both non -rival and non -excutable, like our sunset, it's public, right? so we have a number of goods here, right? a toll roads.

01:30 These are a club good, right? the toll road is excludable, right? the toll prevents people from getting on and off, so the toll operating company can block you.

01:44 And at the same time, it's non -rival.

01:46 Many, many people can use the club good at the same time, right? thousands and thousands of people can get on the toll road at the same time.

01:53 So this is a club good, which makes it non -rival but excludable, right? for b, we have a fishery, right? and the fishery, i actually used an example of a commons good.

02:08 The fishery is the classic economic example of a commons good where it is rival, because if you take the fish out of the sea, i cannot also take the fish out of the sea, but it's not excludable.

02:18 Anyone with a boat can go on to the ocean and sort of engage in fishing.

02:26 Absent law, this is maybe the clarification.

02:30 Increasingly, governments around the world are turning this into a private good, right? where they do block people from fishing, right? so if the fish are rival and the government controls who is fishing, then it becomes a sort of the fishery becomes a private good, but the classic fishery where anyone who owns a boat can go fish is a commons good.

02:50 C, ice cream, ice cream is private, right? and that's very simple.

02:55 It is rival...

Question

Please give Ace some feedback