skills, and ultimately, in wages and global standards of living.

Access for free at openstax.org
13 • Key Terms 321

Key Terms

external benefits (or positive externalities) beneficial spillovers to a third party of parties, who did not

purchase the good or service that provided the externalities

free rider those who want others to pay for the public good and then plan to use the good themselves; if many

people act as free riders, the public good may never be provided

intellectual property the body of law including patents, trademarks, copyrights, and trade secret law that

protect the right of inventors to produce and sell their inventions

nonexcludable when it is costly or impossible to exclude someone from using the good, and thus hard to

charge for it

nonrivalrous even when one person uses the good, others can also use it

positive externalities beneficial spillovers to a third party or parties
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