Public goods Flashcards

1
Q

2 features of public goods

A

Non-rivalry

Non-excludability

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2
Q

Example of public goods

A

Crime control
Public service broadcasting
Flood defence

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3
Q

What is a quasi-public good

A

Doesn’t have all the characteristics of a public good

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4
Q

What is non-excludability

A

Cannot be confined to those who have only paid for it

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5
Q

What is non-rivalry

A

One person benefiting doesn’t stop another benefitting

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6
Q

How can a public good be excludable

A

charging entrance fee

fencing a park

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7
Q

Benefits of government providing public goods (2)

A
  • The government may provide more efficiently because of the economics of scale
  • HOWEVER then may be inefficient because of a lack of competition
  • So the state can fund and private sectors can provide
  • Helps affordability and access to important service for lower-income household
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