Economics Answers Economics Answers Define the following terms: 1) Public goods are goods that when produced can befreely consumed by anyone, for example the justice system. They are made up ofthe fo
Economics Answers Economics Answers Define the following terms: 1) Public goods are goods that when produced can befreely consumed by anyone, for example the justice system. They are made up ofthe fo
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Economics Answers Define the following terms: 1) Public goods are goods that when produced can be
freely consumed by anyone, for example the justice system. They are made up of
the following goods, non-exclusive and non-rival. Non-exclusive goods are goods
that people cannot be excluded from consuming, it is difficult or impossible to
charge for its use which implies no private market as benefits cannot be denied
to those who refuse to pay, for example public TV.