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Microeconomics and Behaviour
Microeconomics and Behaviour
Robert H. Frank, Cornell University
Ian C. Parker, University of Toronto
Government

Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
 
Collective good  A good that is excludable but has a high degree of nondiminishability.
Free riding  Choosing not to donate to a cause but still benefiting from the donations of others.
Median voter  The voter whose ideal outcome lies at or just above the ideal outcomes of half the voters.
Pure public good  A good that has a high degree of nondiminishability and nonexcludability.
Rent seeking  Unproductive expenditure of resources made in an effort to gain control of a scarce resource or right.
Single-peaked preferences  Preferences that exhibit a single most-preferred outcome, with other outcomes ranked lower as their distances from the most-preferred outcome increase.




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