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In economics, a public good is a good that individuals cannot be excluded from using and where use by one individual does not reduce availability by others. There are many examples of these and can include but are not limited to: fireworks, defense, lighthouses, and clean air.
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Why do you think government provides items that are not public goods?
marginal cost not equal to 0
Why is it necessary for the government to force people to pay taxes?
The public goods the government provides suffer from a free-rider problem.
What would happen if public goods were marketed like private goods?
public goods would be overproduced
What part of the economy finances public goods?
The public sector is the part of the economy that finances public goods.
What are public goods and private goods?
Public goods are goods meant for everyone to share. Private goods are goods meant for one person or one small group of people.
Why must public goods be provides by the government instead of the free market?
Public goods are non-excludable, so they suffer from a free-rider problem.
What are the features of public sector?
Public sector lacks private motives, there collective ownership, accountable to political leaders and it provides public goods.
Why do you think government provides items that are not public goods?
marginal cost not equal to 0
Why is it necessary for the government to force to pay taxes?
The public goods the government provides suffer from a free-rider problem.
What are some advantages of taxation?
Corrects market failure Companies are in favor of it as they pass on the costs to their consumers Provides public goods
What is Argos's Legal structure?
the legal structure of Argos is that it provides goods when needed Argos is a public limited company (plc.)
Why is it necessary for the government to force people to pay taxes?
The public goods the government provides suffer from a free-rider problem.
What are three examples of Public goods and services the government provides using taxes?
taxes ,income, labor
Why it necessary for the government to force people to pay taxes?
The public goods the government provides suffer from a free-rider problem.
What is a semi public good?
semi public goods are usually referred as 'quasi-public goods' and these are public good that are not 'pure'. These goods are, unlike 'pure' public goods, non-rivalrous and excludable. Examples include public museums, cinemas, or satellite Television
What would happen if public goods were marketed like private goods?
public goods would be overproduced
What part of the economy finances public goods?
The public sector is the part of the economy that finances public goods.
