Public Goods and Private Goods: Economic essay

Jurat and Scientific Model of Investigation
August 3, 2017
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Public Goods and Private Goods: Economic essay

Public Goods and Private Goods There are two major types of goods in an economy: public goods and private goods. Public goods are almost free for all and non-excludable meaning that there can be a hard time separating payers from non-payers who enjoy the use of the good. Private goods on the other hand are mostly for profit and are completely excludable. Examples of public goods are: street lighting for highways, free-to-air television or radio, national security and public parks or beaches.

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