Question

What would be a scholarly definition for the term, public goods?

Can you provide some source"s of public goods, possibly two examples?

Can public goods be offered by the private sector? Public sector?

How could you defend this or your  answer to the questions above?

Answer 1

answer:

Public goods: the goods which are provided at low cost or free of cost to the society and are non-rival, non- excludable in nature. the non - rival means use by one person will not reduce its availability for other and the non- excludable means one person can not exclude the other from using the good or service. the public goods can be provided by the government, organisation or by the private sector. these goods are provided for the benefit of the society.

the example of public goods are street lights, defense services, public parks and water supply etc.

Yes the public goods can be offered by the private sector but due to its non-rival and non-excludable characteristics private sector generally does not provide them as providing public goods is not profitable for private sector. Public sector provides public goods for the welfare of the society and the growth of the economy.