2.9 Market failure - public goods

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IB Economics (SL)

Microeconomics

Last updated 9:00 AM on 3/20/25
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4 Terms

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Public goods

goods and services that are non-rivalrous and non-excludable

2
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Private goods

both rivalrous and excludable

3
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Free rider problem

where the public can enjoy the benefits of a good without paying for it

4
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Contracting out

when the government pays a specialist private producer with the expertise to produce the public good