- Created by: Sin Heng
- Created on: 21-11-19 13:20
1. Define 'public goods'
Public goods are non-rivalrous and non-excludable. Everyone has access to these goods, if one person consumes it, it does not reduce the amount available for consumption for others. They are also non-rejectable.
2. Define 'private goods'
Private goods are goods that are not available for another when they are already consumed by someone. They are rivalrous and excludable.
3. What are examples of 'private goods'?
An example is when you buy the last item on the shelf and another person who wants it cannot buy it as you got it.
4. What does it…