Public Goods
Public goods, or collective consumption goods, exhibit two properties; non-rivalry and non-excludability. Something is non-rivaled if one person's consumption of it does not deprive another person, (to a point) a firework display is non-rivaled - since one person watching a firework display does not prevent another person from doing so. Something is non-excludable if its use is cannot be limited to a certain group of people. Again, since one cannot prevent people from viewing a firework display it is non-excludable.
Read more about this topic: Public Economics
Famous quotes containing the words public and/or goods:
“Many older wealthy families have learned to instill a sense of public service in their offspring. But newly affluent middle-class parents have not acquired this skill. We are using our children as symbols of leisure-class standing without building in safeguards against an overweening sense of entitlement—a sense of entitlement that may incline some young people more toward the good life than toward the hard work that, for most of us, makes the good life possible.”
—David Elkind (20th century)
“A person far from home is not valued highly, but goods imported from afar are.”
—Chinese proverb.