a good, such as national defense, that costs little or nothing for an extra individual to enjoy, and the costs of preventing any individual from the enjoyment of which are high; public goods have the properties of nonrivalrous consumption and nonexcludability
a good, such as national defense, that costs little or nothing for an extra individual to enjoy and the costs of preventing any individual from the enjoyment of which are high; public goods have the properties of nonrivalrous consumption and nonexcludability
a good or service that has the characteristics of non-rivalry in consumption and non-excludability (chapter 15)
A good or service whose benefits may be provided to a group at no more cost than that required to provide it for one person The benefits of the good are indivisible and individuals cannot be excluded For example, a public health measure that eradicates smallpox protects all, not just those paying for the vaccination
Those goods whose benefits are available to everyone and from which no one can be excluded, and no one can fully appropriate the benefits
Freely accessible good which users do not compete with one another to consume Thus, nobody can appropriate the air, and consumption by one user does not impede consumption by others
A good that is both nonexcludable and nonrival A good is nonexcludable if it is not possible to prevent anyone from consuming the good once it has been made available to the public A good is nonrival if one person's consumption of that good does not reduce the quantity available for consumption by someone else
A good (or a service) that will not be produced and delivered if we rely solely on the free market These are called public goods by economists because they are consumed by the public, and their use cannot be restricted to the benefit of a single buyer or group of buyers Economists call this characteristic "non-excludability " There is no way to produce a public good without producing a value to society at large This in turn makes it all the more unlikely that an individual would pay out of his own pocket to see that the good is produced
The general services provided by government that are indispensable to the existence of an organised state and cannot be allocated to particular groups or beneficiaries
Good with properties of being nonrival in consumption (one person's usage of it does not diminish another's ability to use it) and non exclusive (no one can be excluded from using it) such as national defense
a good which, once provided to one user, must be provided in the same amount to all users due to its non-rival and non-excludable nature [GBA]