Examlex
The value of a call option increases as time to expiration increases, all else constant.
Nonexcludable
A characteristic of a good or service indicating that it is not possible to prevent non-paying customers from accessing it.
Excludable
A property of a good whereby it is possible to prevent individuals from enjoying the good unless they pay for it.
Public Good
A good or service offered to every member of a society for free, provided by either governmental bodies or private entities or individuals, without seeking to make a profit.
Demand Curve
An illustrated chart that displays the connection between a product's price and the amount consumers are willing to buy at those price levels.
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