Identify the Following Terms

question 9

Short Answer

Identify the following terms.
-Karakorum

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Definitions:

Rival in Consumption

A good is termed a rival in consumption if its use or consumption by one individual prevents its use or consumption by another individual.

Excludable

A characteristic of a good or service that allows owners to prevent its use by people who have not paid for it.

Private Markets

Markets in which transactions are conducted directly between parties, often involving assets not publicly traded, such as private equity and real estate.

Lighthouses

Towers equipped with navigational lights and other signaling equipment designed to guide ships and warn them of hazards at sea or along coastlines.