Define public gods and explain the features of it.
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✨A public good has two characteristics: Non-rivalry: This means that when a good is consumed, it doesn't reduce the amount available for others. – E.g. benefiting from a street light doesn't reduce the light available for others but eating an apple would.
✨FEATURES
The two characteristics of public goods are non-rivalry and non-excludability. Non-rivalry means that the consumption of the good by one consumer does not decrease the availability of the good to other consumers. Consider the street lights. One consumer's use of street lights does not decrease others' use.
✨A public good has two characteristics: Non-rivalry: This means that when a good is consumed, it doesn't reduce the amount available for others. – E.g. benefiting from a street light doesn't reduce the light available for others but eating an apple would.
✨FEATURES
The two characteristics of public goods are non-rivalry and non-excludability. Non-rivalry means that the consumption of the good by one consumer does not decrease the availability of the good to other consumers. Consider the street lights. One consumer's use of street lights does not decrease others' use.
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