Project_Part 2 - Project Part 2 ITT Online Public Goods...

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Project Part 2 March 31, 2011 ITT Online Public Goods: “Good for which the principle of rival consumption does not apply”. A public good can be consumed without reducing the amount available for others. Private goods have difficult providing goods. They don’t have any incentive to offer public goods and is difficult for them to make profits doing this. Citing examples of public goods I found: National Defense, Law Enforcement, and Healthcare.
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Public goods are “ones whose benefits the entire community” no matter if individuals purchase the public goods or not. In contrast, private goods are “ones that can divide up and provided separately to different individuals, with no external benefits or cost to others”. National Defense is a clear example of how beneficial is the public goods. National Defense is available to everyone in the country and affects everyone equally. No matter who you are; National Defense will protect you if you reside in the country.
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This note was uploaded on 02/28/2012 for the course ECON EC311 taught by Professor Zahid during the Spring '12 term at ITT Tech San Dimas.

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Project_Part 2 - Project Part 2 ITT Online Public Goods...

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