The Scientific Study of How Individuals Behave, Think, and Feel

question 412

Multiple Choice

The scientific study of how individuals behave, think, and feel in the presence of others, whether actual or implied is called __________ psychology.

• A)personality
• B)social
• C)behavioral
• D)humanistic

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Definitions:

Public Goods

Items that cannot be restricted to non-payers and whose consumption by one individual does not diminish availability to others; these are accessible to all, regardless of payment.

Positive Externalities

External benefits.

Common Resource

A type of good that is non-excludable but rivalrous, meaning it is available to everyone but its consumption by one person can limit availability to others.

Property Rights

Legal rights to possess, use, and dispose of assets.