Contrast public goods with private goods and give examples of each.

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Contrast public goods with private goods and give examples of each.

business economics

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Answer 1

Answer #1

Public good is a good which is non rivalrous and non excludable, and private good is rivalrous and excludable.

No individual can be excluded from consuming public good, and consumption of public good does not diminish the quantity available for others to consume.

A McDonald's burger is a private good because only those who pay for it can consume it and consumption by one individual reduces the quantity available for other buyers.

National defence is an example of public good because it is consumed by all irrespective of who pays for this and its quantity does not reduce.

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Answer 2

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