Economics Public Goods Questions
Public goods are goods or services that are non-excludable and non-rivalrous in nature. In the context of social welfare programs, public goods refer to goods or services that are provided by the government to enhance social welfare and benefit the entire society. These goods are non-excludable, meaning that once they are provided, it is difficult to exclude anyone from benefiting from them. Additionally, they are non-rivalrous, meaning that one person's consumption of the good does not diminish its availability for others. Examples of public goods in social welfare programs include public education, healthcare, infrastructure, and national defense. The provision of public goods is essential for promoting social welfare and ensuring equal access to essential services for all members of society.