Instructions: Identify the Following

question 71

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Convict-lease system

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Definitions:

Excludable

A property of a good or service wherein it is possible to prevent people who have not paid for it from having access to it.

Social Goods

Goods that benefit all members of society and whose consumption does not reduce their availability to others.

Nonrival

A characteristic of a good whereby its consumption by one individual does not reduce the amount available for consumption by others.

Strategic Behavior

Actions taken by firms or individuals with the aim of influencing the market or competitors to achieve a particular outcome or advantage.