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Assessment One 63291649 ECS3704 2023
Assessment One 63291649 ECS3704 2023
Collective goods and services are usually those products that do not have a market price because it is
impossible to exclude any consumer from the market although some individuals pay for these goods and
services, most would not pay as they cannot be withheld from them anyway. These goods can be
regarded as Public goods. While the consumption of public goods cannot be withheld from anyone,
private goods provide the consumer with excludability, making the consumption of a private good
restricted to particular persons especially those who pay the indicated or negotiated price. Once a
private good is paid for, ownership is certain and uniquely determined.
Quasi-goods are private goods that are provided by the government because they involve extensive
benefits to the general public. Three reasons why quasi-public goods exist:
References: An introduction to economics: A South African perspective Editor: FG Steyn Year:2004 Page:
54(5.6.1(b)) Calitz,E.Steenekamp.T&S Siebrits,K., 2019. Public Economics. 7 th edition. Cape Town: Oxford
University Press: page 55Calitz,E.Steenekamp.T&S Siebrits,K., 2019. Public Economics. 7 th edition. Cape
Town: Oxford University Press: page 59. Source : Adapted from Freeman.A.M.1983. Intermediate micro-
Economic analysis.NewYork; Harper, page 482. Calitz,E.Steenekamp.T&S Siebrits,K., 2019. Public
Economics. 7th edition. Cape Town: Oxford University Press: page 62 https://youtu.be/zvKCNkn7B0g