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:
“I’ll sing you a new ballad, and I’ll warrant it first-rate,
Of the days of that old gentleman who had that old estate;
When they spent the public money at a bountiful old rate
On ev’ry mistress, pimp, and scamp, at ev’ry noble gate,
In the fine old English Tory times;”
—Charles Dickens (1812–1890)
“A person far from home is not valued highly, but goods imported from afar are.”
—Chinese proverb.