Public Goods

• A shared good or service for which it would be or impractical (1. Consumers pay individually. 2. Exclude those who didn't pay)

EXAPMLES

• Roads
• Bridges
• Parks
• Libraries

~Public goods are financed by the public sectors,which is the part of the economy that involves the transactions of the government.
~On the other hand, the private sector is the part of the economy that involves transactions of individual people and businesses.

Transportation is a very important part of the nation's infrastructure. An infrastructure are the basic facilities that are necessary for a society to function and grown.

FACTS

• Free rider-someone not willing to pay for goods or services but would get the benefit if it was a public good.
• Market failure-when the free market operates on its own and it does not distribute resources efficiently.
• Externality-an economic side effect of a good/service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

In this slide, I put way more information than I usually do.