00:01
Here we're thinking about good types and we are dividing them into two types.
00:05
Are they rival and are they excludable? excludable.
00:11
And so for both of these we can have yes or no.
00:17
And that gives us a matrix.
00:20
So the classic way of defining these is if they are both excludable and rival, we call them normal goods, right? that's the standard situation.
00:32
And when they are neither excludable nor rival, we call them public.
00:38
Now if they are excludable but still, but non -rival, we call them club.
00:44
And over here we call them commons.
00:48
So here, for example, a park, we would usually put it as a public good...