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  • Public and Private Goods Doodle

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    Hayden-Leigh Holifield
    9 views2 pages
    The document discusses the differences between public and private goods. Public goods are non-excludable and non-rival, meaning no one can be excluded from use and one person's use does not reduce availability to others. Examples include parks and street lights. Private goods are excludable and rival, so one person's consumption reduces availability to others. Examples include chips. The market fails to provide enough public goods due to free-rider issues since people benefit without paying. The government typically provides public goods instead of the private market.

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    Economic Public and Service Goods

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    The document discusses the differences between public and private goods. Public goods are non-excludable and non-rival, meaning no one can be excluded from use and one person's use does not reduce availability to others. Examples include parks and street lights. Private goods are excludable and rival, so one person's consumption reduces availability to others. Examples include chips. The market fails to provide enough public goods due to free-rider issues since people benefit without paying. The government typically provides public goods instead of the private market.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    9 views2 pages

    Public and Private Goods Doodle

    Uploaded by

    Hayden-Leigh Holifield
    The document discusses the differences between public and private goods. Public goods are non-excludable and non-rival, meaning no one can be excluded from use and one person's use does not reduce availability to others. Examples include parks and street lights. Private goods are excludable and rival, so one person's consumption reduces availability to others. Examples include chips. The market fails to provide enough public goods due to free-rider issues since people benefit without paying. The government typically provides public goods instead of the private market.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Public and Private Goods Name _____________________

    Private Public Goods Traits A Park A Bag of


    Goods Chips
    yes no Excludable? no yes

    yes no Rival? no yes

    yes no Profitable? no yes

    Private Government Who Government Private


    Market Provides Market

    cell phone Street Example national lays chips


    service lights park
    Free
    Market
    Rider
    Failure Individuals that
    n benefit without
    A situatio paying
    e
    where th
    ils
    market fa
    ea
    to provid
    y
    necessar
    good or
    ils
    service fa
    perly
    to proRival Ex
    costs.
    ignshared
    assNo
    User
    cl must pay
    consumpti ud
    on ab
    le

    Why Public Goods are Market Failures

    (Cause) (Effect)

    Market
    Failure

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