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Public Goods

Published on Nov 22, 2015

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PRESENTATION OUTLINE

1.

PUBLIC GOODS

IAN BAILEY, SHELBY STRAFFON, ASHLEY SHERLOCK, AND JARED SLONE
Photo by Gene Hunt
2.

DEFINITION

  • Public goods are products that are collectively consumed by everyone.
3.

HOW THEY'RE SUPPLIED

  • When left to itself, the market either does not supply these items at all, or it supplies them inadequately.
4.

PRIVATE MARKETS

  • Since it is so difficult to have all individuals pay their fair share for a public good, private markets produce too few of them.
5.

EXAMPLES

  • EMS
  • Police
  • Firefighters
  • Uncrowded highways
  • Flood control
Photo by Feuerwehr Weblog

Shelby Straffon