ADM 614 Week 3 Assignment, Government in the Economy


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ADM 614 Week 3 Assignment, Government in the Economy, Public Goods

Public goods are different from private goods in different ways. Some of the major differences are as follows: Public goods and services are free to use. Hence individuals do not incur direct costs when using such products. Whereas for private products individuals have to pay so that one can use them. Examples of public goods are such air, street lights, roads and many others. While examples of private goods are such as furniture, cars, clothes, and mobile phones among others. The other major difference is that the use of public goods does not decrease the availability of the products for other people. For example when one person breathes fresh air, it does not mean that the rest of the individuals will not breathe fresh air. This is different in private goods. Since the usage of private goods leads to reduction in quality or quantity for others. For example if a person buys a certain car, the chances of other people getting the same model,  color ……………Continued (06 Pages with References)

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