Chapter 11

This chapter talked about the types of goods there are 4 types of goods; private goods, natural monopolies, common resources, and public goods. These goods are combinations of excludability and rivalry in consumption. The chapter then proceeds to go more in depth with public goods and common resources. Public goods are not excludable and not rivals in consumption. Some examples are national defense and basic research. A drawback with public goods is there are free riders who mooch on the goods without paying back. Common resources are not excludable and they are rivals in consumption such as clean air and water and congested roads.. A drawback with common resources is the tragedy of commons which is since everyone uses the good it is used up for everybody. I give this chapter a 1.5 out of 3. The types of goods and they're specifications were easy to understand they may just be hard to remember.