Economics Assignment Help On Public and Common Goods Concepts of Public Goods
Public goods are goods that are neither excludable nor rival. These types of products provide benefits only to those
living in a particular geographic region. Traffic lights, parks, ports and marine reserves are the important examples of the public goods. The main characteristic of the public goods is that an individual cannot reduce the availability of it to others. It means a public good may be consumed without reducing the amount available for others (Kaul, 2003). Apart from this, national defense, sewer systems, public parks and basic television and radio broadcasts could all be considered as public goods. Additionally, public goods also suffer several problems due to non-excludable. Public goods also consider economic statistics and other information such as law enforcement, and other things for the use and benefit of all. There is no market exists for such goods, and they are provided to everyone by governments (Touffut, 2006).
Concepts of Common Goods The common goods identify a specific good that is shared and beneficial for all the members of a given community. For instance, food, clothing, cars and personal electronics are the important example of common goods. Common goods also represent the quality that is convertible, or reducible. In addition to this, it should also be noted down that common goods offers high-quality goods at reasonable prices, including clothing, fashion accessories, casual and one-of-a-kind home furnishings and unique furniture pieces (Clarke, 2000). Common goods are also produced by the business organization for more satisfaction of the customers or the whole society in terms of quality or price. Establishing and maintaining the common good require the cooperative efforts of many people. Along with this, common goods are goods that are rival, but not excludable (Kaul, 2003).
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