Economics(oikonomia) (oikos house) (nomos custom or law)Rules or management of a household.1. Medley of government and private sectorManifestations Ergo DemocracyAutocracy 2. Rivalry 3. Excludability Rivalrous excludable business:(private goods) food,clothing,cars,personal electronics Non-Rivalrous excludable business:(club goods)Cinemas,private parks,satellite television Rivalrous non-excludable business:(common goods)Fish stocks, timber,coalNon-Rivalrous non-excludable business:(public goods)Free-to-air television,air,national defense Natural monopolyExternalitiesWhere does govt undertake economic activity:Where there are public goods/natural monopoloies/externalities..etc.