Question

Explain how a public good is different from other goods. Include examples to support your answer.

Answer 1

Answer:

Public goods are better than other goods.

Explanation:

A public good is a product that one person can consume but still it can be available for another person. Another one would not be deprived for the same. This makes public good non-rivalrous. For instance, public park is a public good. If person A is using it, B can also use it at the same time. Services like fire and police are also public goods and are available to all at the same time. Thus, public goods are mostly publicly financed and hence are better.

Private good like a piece of pizza can only be eaten only person 'A' at a given time. Person 'A' can exclude others from eating it unlike a public good.