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Title: Economics Notes
Description: Notes on public and private good and its examples.
Description: Notes on public and private good and its examples.
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Types of goods
1
...
(1)Non-excludability
That is once provided, no one can be excluded from beneļ¬tting
from public goods
...
Such goods differ from private
goods as they are provided not individually but collectively
...
There is no rivalry or competition among consumers of public
goods
...
An increase in the number of consumers will not reduce the supply
of pulib goods like street lightning or national defence
...
For example; no one can reject street
lightning when he is on the street at night and the same way it is
not possible to avoid the security that the national defence service
is providing
...
But for public goods an increase in the number of consumers
doesn't necessarily require a proportional increase in supply and in
total cost
...
(Or at least not
proportionately)
Title: Economics Notes
Description: Notes on public and private good and its examples.
Description: Notes on public and private good and its examples.