Distinguish among private goods, quasi-public goods, open-access goods, and public goods. Give examples of each different good.
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Private goods are those which are "owned" by particular groups or individuals. The owner of the good has the sole right to its use, and each use of the good causes it to be to some extent diminished in value.
Public goods are those which cannot be restricted to any particular group, and the use of which does not diminish their usefulness to others. An example of such a good is the defense of a nation. Everyone living in the country is protected by the existence of an army, and when they defend one person, that does not prevent them from defending others at the same time.
A good discussion of these different types of goods can be found in "Economics and the Global Environment" which can ...
This solution provides distinctions between types of public goods, and public goods and private goods. An example of each is provided.