word
public goods in economics
PUB-lik GOODZ in ee-kuh-NOM-iks
ˈpʌblɪk ɡʊdz ɪn ˌiːkəˈnɒmɪksListen
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Syllable breakdown
publicgoodsineconomics
Dictionary meaning
goods that are non-excludable, meaning that individuals cannot be prevented from using them, and non-rival, meaning that one person's consumption does not diminish the amount available to others; examples include national defense, clean air, and basic scientific knowledge; because individuals cannot be charged for their use, the private market tends to underprovide public goods, creating a role for collective action or government provision
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