ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -2. Public parks, streetlight, police protection are examples of Public goods or services.

Detailed explanation-2: -Examples of public goods include law enforcement, national defense, and the rule of law. Public goods also refer to more basic goods, such as access to clean air and drinking water.

Detailed explanation-3: -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.

Detailed explanation-4: -Understanding Private Goods Examples include a dinner at a restaurant, a grocery shopping, airplane rides, and cellphones. A private good is thus any item that can only be used or consumed by one party at a time. Many tangible home goods qualify, as they can only be used by those who have access to them.