Concept #1: Two Characteristics: Rivalry in Consumption and Excludability
Concept #2: The Four Types of Goods: Private Goods, Club Goods, Common Resources, and Public Goods
Practice: Label the goods as Private Goods (PRI), Common Resources (CR), Club Goods (CG), or Public Goods (PUB).
Practice: A slice of pizza is:
Practice: An example of an excludable good is: