Public Goods
Public goods, or collective consumption goods, exhibit two properties; non-rivalry and non-excludability. Something is non-rivaled if one person's consumption of it does not deprive another person, (to a point) a firework display is non-rivaled - since one person watching a firework display does not prevent another person from doing so. Something is non-excludable if its use is cannot be limited to a certain group of people. Again, since one cannot prevent people from viewing a firework display it is non-excludable.
Read more about this topic: Public Economics
Famous quotes containing the words public and/or goods:
“The discovery of Pennsylvania’s coal and iron was the deathblow to Allaire. The works were moved to Pennsylvania so hurriedly that for years pianos and the larger pieces of furniture stood in the deserted houses.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
“And he thought to himself...., ‘Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.’ But God said to him, ‘You fool! This very night your life is being demanded of you. And the things you have prepared, whose will they be?’”
—Bible: New Testament, Luke 12:17-20.