Explain the characteristics of public goods.

Public goods have the following characteristics:

1. Non-excludability: Public goods are available to all individuals in society, and it is difficult to exclude anyone from consuming or benefiting from them. Once provided, it is not possible to prevent individuals from enjoying the benefits of public goods.

2. Non-rivalry: Consumption of a public good by one individual does not reduce the amount available for others. The use of a public good by one person does not diminish its availability or quality for others.

3. Non-rejectability: Individuals cannot refuse or opt out of consuming a public good, even if they do not directly contribute to its provision. Once provided, individuals cannot choose to not benefit from a public good.

4. Collective consumption: Public goods are consumed collectively by society as a whole, rather than by individuals or specific groups. The benefits of public goods are enjoyed by all members of society simultaneously.

5. Positive externalities: Public goods often generate positive externalities, which are benefits that spill over to individuals who are not directly consuming the good. These externalities can include increased social welfare, improved public health, or enhanced productivity.

6. Government provision: Due to the free-rider problem (where individuals have an incentive to consume public goods without contributing to their provision), public goods are typically provided by the government or through collective action by the community.

It is important to note that public goods are distinct from private goods, which are excludable, rivalrous, and subject to individual consumption and ownership.