Question

What is the difference between public goods and private goods and why government action is necessary to ensure the provision of public goods

Answer 1

Answer:

In economics, a public good refers to a commodity or service that is made available to all members of a society.Public goods also refer to more basic goods, such as access to clean air and drinking water.

The opposite of a public good is a private good, which is both excludable and rivalrous.

Explanation:

These goods can only be used by one person at a time — for example, a wedding ring. In some cases, they may even be destroyed in the act of using them, such as when a slice of pizza is eaten. Private goods generally cost money, and this amount pays for its private use.