1.3.3 Public Goods

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Last updated 10:26 PM on 4/14/26
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7 Terms

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Public Good

A good that is non-excludable and non-rivalrous

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Non Excludable

If a non paying customer cannot be prevented from accessing it

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Non Rivalrous

Consumption by one consumer does not restrict consumption by other consumers

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Free rider problem

Occurs when those who benefit from resources

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Non rejectability

Once provided it is impossible for an economic agent not to consume the good

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Private goods

A good which is rivalrous + excludable

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Quasi public goods

A good which does not perfectly possess the characteristics of a private/public good