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Quasi-Public Goods-goods which have some limited private good characteristics such as congestible public goods and price-excludable public goods

Market failure-occurs when resources are not allocated optimally. It may result from: externality, imperfect completion, public goods, imperfect information;

Imperfect information-buyers and/or sellers do not have full knowledge about available markets,prices,products,customers,suppliers and so forth.

Nonrival-one person’s consumption of that good does not affect its consumption by others

Nonexcludable-goods cannot be held back from those who desire access.

Poverty line-the official benchmark of poverty