Please Define the Following Key Terms

question 22

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Jean Jacques Rousseau

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Definitions:

Nonexcludable

A characteristic of a good or service indicating that it is not possible to prevent non-paying customers from accessing it.

Excludable

A property of a good whereby it is possible to prevent individuals from enjoying the good unless they pay for it.

Public Good

A good or service offered to every member of a society for free, provided by either governmental bodies or private entities or individuals, without seeking to make a profit.

Demand Curve

An illustrated chart that displays the connection between a product's price and the amount consumers are willing to buy at those price levels.