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

Question

zhannawk [14.2K]

2 years ago

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

public goods

Social Studies

1 answer:

Pani-rosa [81] · Answer 1 · 2023-06-25T21:33:48+03:00

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.