Examlex
Chris is hoping to have his recent study published in an academic journal.Which of the following details will Chris need to pay careful attention to in writing his study as an article?
Private Goods
Private goods are products that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's consumption prevents another's.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be negative (costs) or positive (benefits).
Not Excludable
A characteristic of goods or services that does not allow for the prevention of use by individuals who have not paid for it.
Not Rival
A characteristic of a good where its consumption by one individual does not reduce availability to others, often associated with non-rivalrous goods.
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