Examlex
When a banker records how many dollars each of his borrowers owes the bank, money is serving as
Free-Rider Problem
A situation where individuals consume a good or service without paying for it, especially in the context of public goods.
Public Good
A good that is non-excludable and non-rivalrous, meaning it can be consumed by many people without depleting and without preventing others from consuming it.
Nonrival
A good or service is nonrival if its consumption by one individual does not reduce its availability to others.
Nonexcludable
A characteristic of public goods: Once a good is produced, no one can be excluded from enjoying its benefits.
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