FACTOID # 8: North Korea spends the most of its GDP on its military.
 
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Encyclopedia > Rivalry (economics)

In economics, a good is considered either rivalrous (rival) or nonrival. Rival goods are goods whose consumption by one consumer prevents simultaneous consumption by other consumers. Most goods, both durable and nondurable, are rival goods. A computer is a durable rival good. One person's use of the computer presents a significant barrier to others who desire to use that computer at the same time. However, the first user does not "use up" the computer, meaning that some rival goods can still be shared through time. An apple is a nondurable rival good, once an apple is eaten, it is "used up" and no longer able to be eaten by others. Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... A good in economics is any physical object (natural or man-made) or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. ... In Keynesian economics consumption refers to personal consumption expenditure, i. ... Consumers are individuals or households that consume goods and services generated within the economy. ... A durable good, or a hard good is an economics term for a good which does not quickly wear out, or more specifically; it yields services or utility over time rather than being completely used up when used once. ...


In contrast, nonrival goods may be consumed by one consumer without preventing simultaneous consumption by others. Most examples of nonrival goods are intangible goods. Television is a nonrival good; When a consumer turns on a television, this doesn't prevent the TV in another consumer's house from functioning as well. However, not all intangible goods are nonrival, and not all nonrival goods are intangible. By definition, fame is a rival, intangible good, since not everyone can be famous at the same time. Nonrival, tangible objects include a beautiful scenic view or the common cold. Consumed were a 4 piece punk-rock band from the outskirts of Nottingham, England. ... This article should be split into multiple articles accessible from a disambiguation page. ... Acute nasopharyngitis, often known as the common cold, is a mild viral infectious disease of the upper respiratory system (nose and throat). ...


Goods that are non-rival are therefore goods that can be enjoyed simultaneously by an unlimited number of consumers. Goods that are both nonrival and non-excludable are called public goods. Non-excludable goods are defined in economics as goods whereby it is impossible to stop a person consuming that good when it has become publicly available at a relatively low cost. ... In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ...



 

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