Economics Public Goods Questions
Public goods in the context of public research and development refer to goods or services that are non-excludable and non-rivalrous in nature. This means that once provided, they are available to all individuals and their consumption by one person does not diminish their availability for others. Public research and development often focuses on creating knowledge, innovations, and technologies that can benefit society as a whole, rather than being limited to private individuals or organizations. These public goods are typically funded and provided by the government or other public institutions to promote societal progress and welfare.