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Mitch Knows That If He and His Brother Play Quietly

question 633

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Mitch knows that if he and his brother play quietly until their mother finishes her college homework, that she will rent a movie for them and make them popcorn.Mitch and his brother's anticipation of this movie night reward is referred to by Julian Rotter as


Definitions:

Rival

Describes a good or resource that cannot be consumed by more than one person or entity at the same time without diminishing its availability to another.

Nonexclusive

A property of a good or service where one person's use does not diminish availability to others.

External Benefit

A benefit that results from an economic activity which accrues to unrelated third parties.

Third Party

An entity involved in a transaction or agreement who is not one of the principal parties.

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