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O'Sullivan/Sheffrin/Perez, Economics: Principles, Applications, and Tools 10e: Chapter 30 Terms
Key Terms from Chapter 30 O'Sullivan/Sheffrin/Perez, Economics: Principles, Applications, and Tools 10e
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| External benefit | A benefit from a good experience by someone other than the person who buys the good. |
| Public Good | A good that is available for everyone to consume, regardless of who pays and who doesn't; a good that is nonrival in consumption and nonexcludable. |
| Private Good | A good that is consumed by a single person or household; a good that is rival in consumption and excludable. |
| Free Rider | A person who gets the benefit from a good but does not pay for it. |
| Marginal Principle | Increase the level of an activity as long as its marginal benefit exceeds its marginal cost. Choose the level at which the marginal benefit equals the marginal cost. |
| Public-choice economics | A field of economics that uses models of rational choice to explore decision making in the public sector. |
| Median-Voter Rule | The choices made by the government will match the preferences of the median vote. |
| self-interest theory | the view that politicians and bureaucrat pursue their own narrow interest, which, of course, may differ from the public interest |
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