RIVAL GOOD Meaning and
Definition
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A rival good refers to a type of economic good that exhibits the property of rivalry in consumption. In other words, when a good is classified as a rival good, it means that its consumption by one individual diminishes its availability or utility for others. This is because rival goods have finite quantities, and the consumption by one individual directly competes with and limits the consumption of the same good by other individuals.
A classic example of a rival good is a piece of food. If one person consumes a particular quantity of food, it becomes unavailable for others to consume. Similarly, common resources like water or oil can also be considered rival goods as their consumption by one person or entity reduces the quantity available for others.
The concept of rivalry in consumption is often contrasted with the concept of non-rivalry, as seen in the case of public goods. Public goods, such as clean air or national defense, are non-rival in nature as their consumption by one individual does not diminish their availability to others. Rival goods, on the other hand, require allocation and competition due to their finite nature.
Understanding the distinction between rival and non-rival goods is essential in the field of economics as it helps in analyzing market behavior and determining appropriate pricing and production strategies for different types of goods.
Common Misspellings for RIVAL GOOD
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Etymology of RIVAL GOOD
The term "rival good" is derived from the combination of the words "rival" and "good".
The word "rival" comes from the Latin word "rivus", which means "stream" or "brook". In ancient Rome, the term "rivalis" referred to someone who lived on the same stream as another person, and later evolved to mean someone competing for the same goal or possessing similar qualities as another.
The word "good" comes from the Old English word "gōd", which meant "beneficial" or "advantageous". It has roots in Germanic languages and has been used in various contexts to refer to something that possesses qualities desirable or morally right.
When combined, "rival" and "good" form the term "rival good".
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