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:
“It is said the city was spared a golden-oak period because its residents, lacking money to buy the popular atrocities of the nineties, necessarily clung to their rosewood and mahogany.”
—Administration in the State of Sout, U.S. public relief program (1935-1943)
“Sir: Between buccaneers, no ceremony; I take your dry goods, and in return I send you pimento; therefore, we are now even. I entertain no resentment.... Nothing can intimidate us; we run the same fortune, and our maxim is that the goods of this world belong to the strong and valiant.”
—For the State of Florida, U.S. public relief program (1935-1943)