Honors Economics
Public goods are products or services that are made available to all members of a society, characterized by non-excludability and non-rivalry. This means that once these goods are provided, no one can be effectively excluded from using them, and one person's use does not diminish the availability for others. Public goods play a significant role in understanding market failures, justifying government intervention in spending and taxation, and assessing the effects of fiscal policies on economic activity.
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