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GOOD TYPES: We can identify four different types of goods based on two key characteristics -- rival consumption and excludability. Private that are rival in consumption and easily subject to the exclusion of nonpayers. Public goods that are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods that are nonrival in consumption and easily subject to the exclusion. Common-property goods that are rival in consumption and not easily subject to the exclusion.
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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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ACRS
Accelerated Cost Recovery System
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