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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Name two public goods and explain why they are public goods.

To determine

The names of two public goods and the reason for their categorization as public goods are to be determined.

Explanation

The public goods mean those goods which are used by all people in the society. In other words, the goods of which all people in the society take benefits and these goods are provided an non-profit making organization or by the government itself.

The two names or examples which are classified as public goods are street lights and national defense. The reason for their classification as public goods is that they have both characteristics of public goods i.e. non-excludable and non-rival...

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