Question
a public good is a?
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GPT-4o mini
A public good is an economic term that refers to a good that is both non-excludable and non-rivalrous. This means that:
1. **Non-excludable**: It is not possible to prevent individuals from consuming the good, regardless of whether they pay for it or not. Once the good is provided, it is available for everyone to use.
2. **Non-rivalrous**: One person's consumption of the good does not diminish the ability of others to consume it as well. In other words, multiple individuals can use the good simultaneously without reducing its availability to others.
Examples of public goods include clean air, national defense, public parks, and street lighting. Because of their nature, public goods often face challenges like underfunding and overuse, which can lead to the "free rider problem," where individuals benefit from the good without contributing to its cost. As a result, public goods are typically provided by the government or funded through collective efforts.
1. **Non-excludable**: It is not possible to prevent individuals from consuming the good, regardless of whether they pay for it or not. Once the good is provided, it is available for everyone to use.
2. **Non-rivalrous**: One person's consumption of the good does not diminish the ability of others to consume it as well. In other words, multiple individuals can use the good simultaneously without reducing its availability to others.
Examples of public goods include clean air, national defense, public parks, and street lighting. Because of their nature, public goods often face challenges like underfunding and overuse, which can lead to the "free rider problem," where individuals benefit from the good without contributing to its cost. As a result, public goods are typically provided by the government or funded through collective efforts.