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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?

    © BrainMass Inc. brainmass.com October 9, 2019, 9:29 pm ad1c9bdddf
    https://brainmass.com/economics/economic-policy/what-is-a-public-good-187143

    Solution Preview

    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 ...

    Solution Summary

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

    In contrast, private goods are generally traded in markets.

    $2.19