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What is a public good?

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What is a public good? Provide examples.
What issues are involved in determining the value of public goods to society?

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Solution Summary

Public goods are non-excludable and non-rival in consumption.

In contrast, private goods are generally traded in markets.

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Hi there,

What is a public good?

Public goods are non-excludable and non-rival in consumption.

In contrast, private goods are generally traded in markets. Buyers and sellers meet through the price mechanism. If they agree on a price, the ownership or use of the good (or service) can be transferred. Thus private goods tend to be excludable. They have clearly identified ...

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