Economics Public Goods Questions
The different types of public goods are as follows:
1. Pure public goods: These are goods that are non-excludable, meaning that once they are provided, it is impossible 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 include national defense, street lighting, and public parks.
2. Impure public goods: Also known as quasi-public goods, these goods possess some characteristics of public goods but not all. They may be partially excludable or partially rivalrous. Examples include toll roads, cable television, and congested public transportation.
3. Common resources: These are goods that are rivalrous but non-excludable. They are available for use by anyone, but their consumption by one individual reduces the amount available for others. Examples include fish in the ocean, clean air, and public beaches.
4. Club goods: These goods are excludable but non-rivalrous. They are available only to those who pay for them or meet certain criteria, and their consumption by one person does not diminish their availability for others. Examples include private golf courses, satellite television, and subscription-based online services.
It is important to note that the classification of goods into these categories is not always clear-cut, and some goods may exhibit characteristics of multiple types of public goods.