Examlex
How did catastrophists explain the presence of the remains of marine organisms in the rocks on top of mountains many miles from and many feet above the ocean? How did uniformitarianists explain this same fact?
Public Goods
Goods that are non-excludable and non-rivalrous, meaning that individuals cannot be effectively excluded from use, and use by one individual does not reduce availability to others.
Private Consumption
The total value of all goods and services consumed by private households.
Pareto Efficient
An economic state where resources are allocated in a way that it is impossible to make any one individual better off without making at least one individual worse off.
Public Good
A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
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