Economics Public Goods Questions
The concept of public goods in the context of environmental protection refers to goods or services that are non-excludable and non-rivalrous in nature, meaning that they are available to all individuals and their consumption by one person does not diminish their availability for others. In terms of environmental protection, public goods can include clean air, clean water, and biodiversity conservation. These goods are typically provided by the government or other public entities as they are difficult to be provided by the market due to the free-rider problem, where individuals can benefit from the goods without contributing to their provision.