Question

Categorize the following types of goods and determine if there would be efficient property rights for the goods

1. Adventure Island Water Park in Tampa
2. Water in a household tap
3. Ichetucknee Springs
4. Clearwater Beach
5. 1. Water used to prepare al dente pasta at Leonardos 706
   2. Lake Okeechobee

Answer 1

a) Adventure Island Water Park in Tampa : A water park is an example of club good . It is excludable but non-rival .Individuals who do not pay for the park can be prevented from entering but at one time more than one individual buying tickets can enjoy the park . So property rights of the person owning the park is well defined .

b) Water in a household tap : It is private good . Excludable and rival in terms of property rights .

c) Ichetucknee Springs : They are natural springs in Florida which can be enjoyed by anyone . This is a public good which has no defined property rights .

d) Clearwater Beach : It is an example of common resource ,  non-excludable but rival . No one can be excluded but too many people on the beach creates congestion and trash and reduces enjoyment for others .