### What Kind of Good Is It?**Instructions:**Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.| | Private Good | Public Good | Common Resource | Club Good ||-----------------------------------------------|--------------|-------------|-----------------|-----------|| **A new drone that you take turns flying with your friends** | ⃝ | ⃝ | ⃝ | ⃝ || **A large, beautiful fountain in a town square** | ⃝ | ⃝ | ⃝ | ⃝ || **A dock on a lake that is open to the public** | ⃝ | ⃝ | ⃝ | ⃝ |**Explanation of Categories:**- **Private Good:** A product that is both excludable and rival in consumption.- **Public Good:** A product that is non-excludable and non-rival in consumption.- **Common Resource:** A resource that is non-excludable but rival in consumption.- **Club Good:** A product that is excludable but non-rival in consumption.

Non-excludable refers to the situation where it is not possible to exclude the person from consuming…

Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A new drone that you take turns flying with your friends A large, beautiful fountain in a town square A dock on a lake that is open to the public

Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A new drone that you take turns flying with your friends A large, beautiful fountain in a town square A dock on a lake that is open to the public

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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### What Kind of Good Is It?

**Instructions:**
Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.

| | Private Good | Public Good | Common Resource | Club Good |
|-----------------------------------------------|--------------|-------------|-----------------|-----------|
| **A new drone that you take turns flying with your friends** | ⃝ | ⃝ | ⃝ | ⃝ |
| **A large, beautiful fountain in a town square** | ⃝ | ⃝ | ⃝ | ⃝ |
| **A dock on a lake that is open to the public** | ⃝ | ⃝ | ⃝ | ⃝ |

**Explanation of Categories:**
- **Private Good:** A product that is both excludable and rival in consumption.
- **Public Good:** A product that is non-excludable and non-rival in consumption.
- **Common Resource:** A resource that is non-excludable but rival in consumption.
- **Club Good:** A product that is excludable but non-rival in consumption.

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