ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Public Goods are non-excludable and non-rival, meaning that people can easily share these goods and there is no way to get someone to pay for consuming them.

Detailed explanation-2: -A public good has two key characteristics: it is nonexcludable and nonrivalrous. These characteristics make it difficult for market producers to sell the good to individual consumers. Nonexcludable means that it is costly or impossible for one user to exclude others from using a good.

Detailed explanation-3: -Common goods are non-excludable and rival. Examples of common goods are coal and timber because they can only be possessed or consumed by a single user at one time but access is not restricted.

Detailed explanation-4: -While non-excludable goods are free for the use of everyone, making them public, rivalrous goods are private goods wherein people may compete for their consumption of it. For example, a person who buys a car can only use it for himself and restrict others from using it.

Detailed explanation-5: -A good is non-excludable if one cannot exclude individuals from enjoying its benefits when the good is provided. A good is nondepletable if one individual’s enjoyment of the good does not diminish the amount of the good available to others.