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September 20, 2019 

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EXCESS DEMAND: A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied, hence there's "extra" demand. Pointy-headed economists generally use the more technical term shortage rather than excess demand. The reason, of course, is that shortage has two syllables and excess demand has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.

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EXCLUDABILITY: The ability to keep people who don't pay for a good from consuming the good. For some goods, it's very easy (that is, the cost is low) for owners or producers to keep others from enjoying the benefit of a good. Examples of this abound, like candy bars, shoes, houses, computers, and well a bunch of other stuff. Other goods, however, prove more difficult to keep the nonpayers away. Examples of these include oceans, national defense, and fireworks displays. Excludability is one of the two key characteristics of a good (the other is rival consumption) that distinguishes between common-property goods, near-public goods, private goods, and public goods.

     See also | good types | rival consumption | common-property good | near-public good | private good | public good | market failure | externalities |


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ECONOMIC GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase economic good also commonly includes intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for economic good is scarce good.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for small children selling products door-to-door.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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