What are the characteristics of public goods?

The characteristics of public goods are as follows:

1. Non-excludability: Public goods are available to all individuals in society and cannot be restricted or excluded from anyone's consumption. Once provided, it is difficult to prevent anyone from benefiting from the good.

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

3. Non-rejectability: Individuals cannot refuse or opt out of consuming a public good, even if they do not directly contribute to its provision through payment of taxes or fees.

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

5. Government provision: Public goods are typically provided by the government or public sector due to the challenges associated with private provision. The government plays a crucial role in ensuring the provision and maintenance of public goods.

6. Positive externalities: Public goods often generate positive externalities, meaning that their provision benefits society beyond the direct users. For example, a public park not only benefits those who visit it but also enhances the overall quality of life and property values in the surrounding area.

These characteristics distinguish public goods from private goods, which are excludable, rivalrous, and subject to individual consumption and ownership.