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In economics, a good, service or resource is broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods , i.e. goods that are both non-rivalrous and non-excludable ...
There is an important conceptual distinction between a demerit good and a negative externality. A negative externality occurs when the consumption of a good has measurable negative consequences on others who do not consume the good themselves. [5] Pollution (due, for example, to automobile use) is the canonical example of a negative externality.
Cronyism is a specific form of in-group favoritism, the spoils system practice of partiality in awarding jobs and other advantages to friends or trusted colleagues, especially in politics and between politicians and supportive organizations. [1]
According to Doctorow, Facebook offered a good service until it had reached a "critical mass" of users, and it became difficult for people to leave because they would need to convince their friends to go with them. Facebook then began to add posts from media companies into feeds until the media companies too were dependent on traffic from ...
The MPAA's film rating system has not been without controversy (itself established after the Hays Code, which required all films to be at least somewhat family-friendly, was abolished), as theater chain interest groups have noted that films rated as high as R (adult-oriented films that persons under 17 cannot watch without an adult) could be ...
Only 46% of the world's reefs could be currently regarded as in good health [149] and about 60% of the world's reefs may be at risk due to destructive, human-related activities. The threat to the health of reefs is particularly strong in Southeast Asia , where 80% of reefs are endangered .
In economics, a public good (also referred to as a social good or collective good) [1] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [1] Therefore, the good can be used simultaneously by more than one person. [2]
Road is public good whenever there is no congestion, thus the use of the road does not affect the use of someone else. However, if the road is congested, one more person driving the car makes the road more crowded which causes slower passage. In other words, it creates a negative externality and road becomes common good. [1]