SSC MTS EXAM

Detailed explanation-1: -Public goods are commodities or services that benefit all members of society, and which are often provided for free through public taxation. Public goods are the opposite of private goods, which are inherently scarce and are paid for separately by individuals.

Detailed explanation-2: -In economics, a public good (also referred to as a social good or collective good) is a good that is both non-excludable and non-rivalrous.

Detailed explanation-3: -These goods are necessary for daily life and national development. Supply of these goods cannot be ignored. The private sector does not hold any interest in these activities because these goods are not profitable and don’t have a profitable market. Thus the government takes the onus of supplying these goods.

Detailed explanation-4: -The types of public goods include security, education, knowledge, infrastructure, environment and health.