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Public Good
A good that is non-excludable and non-rivalrous
Non Excludable
If a non paying customer cannot be prevented from accessing it
Non Rivalrous
Consumption by one consumer does not restrict consumption by other consumers
Free rider problem
Occurs when those who benefit from resources
Non rejectability
Once provided it is impossible for an economic agent not to consume the good
Private goods
A good which is rivalrous + excludable
Quasi public goods
A good which does not perfectly possess the characteristics of a private/public good