What is a non-market good?

Answer 1

A non-market good is a product or service that is not bought or sold in traditional markets and does not have a market price. Examples include public goods like clean air, national defense, and public parks, which are often provided by the government or community organizations. These goods are typically characterized by their non-excludability and non-rivalry, meaning that one person's use does not diminish another's ability to use them, and it's difficult to restrict access. Non-market goods play a crucial role in societal welfare but often require alternative methods for valuation and funding.