WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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private good
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public good
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military good
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market failure
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Detailed explanation-1: -The government plays a significant role in providing goods such as national defence, infrastructure, education, security, and fire and environmental protection almost everywhere.
Detailed explanation-2: -Public goods-a shared good or service for which it would be impractical to make consumers pay individually and to exclude non-payers. Ex. Roads, national defense, national parks.
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: -Unlike a private firm, the government has no profit motive. And the government reduces the free rider problem by collecting taxes from consumers to help fund public goods. You could think of it this way: The government simply returns the public’s own money to them in the form of public goods.