Students will be able to:
- Understand the difference between the four types of good.
- Categorize each of them as excludable or non-excludable and rivalrous or non-rivalrous.
- Explain why public goods and common resources cause market failure.
In this economics video series, students will learn about the four types of goods.
Ever wonder what’s stopping an asteroid from wiping us out like the dinosaurs? Unfortunately, not much. As the first video in this unit of four shows, asteroid defense is a public good: a type of good that is very difficult for markets to provide efficiently. The unit covers the other three types: private goods, club goods, and common resources. It ends with an in-depth look at the tragedy of the commons. Every video comes with practice questions!