ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, a public good refers to a commodity or service that is made available to all members of a society. Typically, these services are administered by governments and paid for collectively through taxation. Examples of public goods include law enforcement, national defense, and the rule of law.

Detailed explanation-2: -The types of public goods include security, education, knowledge, infrastructure, environment and health.

Detailed explanation-3: -Examples of public goods are education, infrastructure, lighthouses, flood control systems, knowledge, fresh air, national security, official statistics, etc.

Detailed explanation-4: -The government plays a significant role in providing goods such as national defence, infrastructure, education, security, and fire and environmental protection almost everywhere. These goods are often referred to as “public goods”.

Detailed explanation-5: -Examples of private goods include ice cream, cheese, houses, cars, etc. Public goods describe products that are non-excludable and non-rival. That means no one can be prevented from consuming them, and individuals can use them without reducing their availability to other individuals.