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Examples of public goods

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What is an externality? What is a public good? Can you please also give examples.

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Examples of public goods are provided.

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<br>An Externality can be defined as a situation in which the private costs or benefits to the producers or purchasers of a good or service differs from the total social costs or benefits entailed in its production and consumption.
<br>An externality exists whenever one individual's actions affect the well-being of another individual -- whether for the better or for the worse -- in ways that need not be paid for according to the existing definition of property rights in the society. ...

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