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Public Goods and Asteroid Defense | Microeconomics Videos

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Health care is a name for many kinds of services, some of which are private goods, some of which have public goods features. Many goods under the heading health care are private goods, such as an aspirin for my headache or a surgical intervention to fix my broken leg are private. But vaccines against contagious diseases are goods with public goods features. They pose a problem for markets.
Imagine we are colleagues working in the same office and you don't know if you should get the vaccine for you or not. If you get the shot, then you also protect me. If you get the shot, you cannot exclude me from benefitting from a safe environment at work, which you created by having it yourself. Neither am I preventing you from staying healthy just by being there at work and enjoying that protection. Since the shot is expensive, you might want to wait for me to have the shot and protect you as a side effect. We both want to free ride on the other, so it is possible that neither of us gets it. We might then get sick.
However, the fact that a public good poses a problem for markets does not mean that markets cannot anticipate and prevent that problem. Our employer competes with other employers. She cannot afford the risk of having us both sick. To prevent this problem she makes a proviso in our employment contract whereby at the beginning of the cold season one of us is randomly drawn to have the flu shot, while we both take equal cuts from our paychecks to cover the cost of that one shot. The flu shot is still a public good, but no taxation was needed to pay for it. We voluntarily agreed to work for this company under this proviso.
The type of solution here is called a tied sale. Our employer tied a condition (a cost to us) to the job offer (which is otherwise a benefit to us). She sold us the entire package.

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A Deeper Look at Public Goods | Microeconomics Videos

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Health care is a name for many kinds of services, some of which are private goods, some of which have public goods features. Many goods under the heading health care are private goods, such as an aspirin for my headache or a surgical intervention to fix my broken leg are private.

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Economists would be against this rule because this rule would decrease total wealth. It would decrease the total value of resources. Economists want to let each resource be used in its most profitable direction, and so, to maximize total value. Imagine that Jimmy B runs over a tree with his car and breaks the tree. Imagine Jimmy B is a brain surgeon. If a rule forced Jimmy to plant saplings himself, then he would waste his afternoon in the field doing something less valuable than a brain surgery.
Of course, we might force Jimmy to pay someone to plant one or two trees. But how many exactly? We need to look at the value of trees compared to anyone's time and other resources employed in planting trees.
In other words, all other things equal, it might be good to have the tree replaced. But someone has to do it, and sometimes everyone has better, more valuable things to do that planting the broken tree.
Inthat case, a rule that aimed for efficiency, should not force anyone to plant it back.
Sometimes it is better to just leave things unrepaired. Namely, when the cost of repairing exceeds the benefit.

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The Tragedy of the Commons | Microeconomics Videos

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Economists would be against this rule because this rule would decrease total wealth. It would decrease the total value of resources. Economists want to let each resource be used in its most profitable direction, and so, to maximize total value. Imagine that Jimmy B runs over a tree with his car and breaks the tree.

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AP Microeconomics: Public and Private Goods

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APMic U6 L2 public goods and common resources

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1. How are public goods characterized?

2. Why do markets fail to supply efficient quantities of public goods?

3. What are common resources and why are they overused?

4. What are artificially scarce goods and why they are under-consumed?

5. How can government intervention in the production and consumption of these types of goods make society better off?

6. Why is finding the right level of government intervention often difficult?

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Define whether goods are rival and/or excludable.

Explain how the nature of rival and/ or excludable goods influences the behavior of individuals and groups.

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Private incentives can fail to account for all socially relevant considerations.

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Private goods are rival and excludable, and public goods are non-rival and non-excludable.

Due to the free rider problem, private individuals usually lack the incentive to produce public goods, leaving government as the only producer.

Governments sometimes choose to produce private goods, such as educational services, and to allow free access to them.

Some natural resources are, by their nature, non-excludable and rival and therefore open access. Private individuals inefficiently over-consume such resources.

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APMic Unit 6 Lesson 2 - Public Goods and Common Resources Flashcards | Quizlet

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Start studying APMic Unit 6 Lesson 2 - Public Goods and Common Resources. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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AP Micro: POL (BI), POL‑2 (EU), POL‑4 (EU), POL‑5 (EU)

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About this unit

In this unit, we start exploring the arguments for and against government intervention in an otherwise competitive market. We examine the conditions for allocative efficiency, using the marginal social benefit and marginal social cost principle, and the ways in which externalities, public goods, and the market distribution of income create market failures even in competitive free-market economies. In addition, we study the effectiveness of government policies such as subsidies, taxes, quantity controls, and public provision of goods and services, which are designed to correct market failures and achieve allocative efficiency.

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Market failure and the role of government | Khan Academy

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In this unit, we start exploring the arguments for and against government intervention in an otherwise competitive market. We examine the conditions for allocative efficiency, using the marginal social benefit and marginal social cost principle, and the ways in which externalities, public goods, and the market distribution of income create market failures even in competitive free-market economies.