,ECS3704 Assignment 1 (100% COMPLETE
ANSWERS) 2025
PUBLIC ECONOMY
MULTIPLE CHOICE,ASSURED EXCELLENCE
ANSWERS TO THE QUESTION
Assessment 1 (Lesson 2)
Dear students
Analyse the difference between public and private
goods in table format. Explain why
certain goods such as higher education are
regarded as mixed goods or quasi-public
goods.
PUBLIC VS PRIVATE GOODS
Table of Contents
1. Introduction
2. Comparison of Public and Private Goods
3. Conclusion
, 1. Introduction Goods in an economy are classified into
different categories based on their characteristics, such as their
availability, consumption, and ownership. Two primary
classifications of goods are public goods and private goods.
Understanding the distinction between these two types of
goods is essential in economic analysis, policymaking, and
resource allocation. This document presents a comparative
analysis of public and private goods in a tabular format,
highlighting their key differences.
2. Comparison of Public and Private Goods
Feature Public Goods Private Goods
Goods that are
Goods that are non-
excludable and
Definition excludable and non-
rivalrous in
rivalrous in consumption.
consumption.
Cannot exclude Can exclude
Excludability individuals from using individuals who do not
them. pay.
One person's One person's
consumption does not consumption reduces
Rivalry
reduce availability for the amount available
others. for others.
Examples National defense, street Food, clothing, cars,
ANSWERS) 2025
PUBLIC ECONOMY
MULTIPLE CHOICE,ASSURED EXCELLENCE
ANSWERS TO THE QUESTION
Assessment 1 (Lesson 2)
Dear students
Analyse the difference between public and private
goods in table format. Explain why
certain goods such as higher education are
regarded as mixed goods or quasi-public
goods.
PUBLIC VS PRIVATE GOODS
Table of Contents
1. Introduction
2. Comparison of Public and Private Goods
3. Conclusion
, 1. Introduction Goods in an economy are classified into
different categories based on their characteristics, such as their
availability, consumption, and ownership. Two primary
classifications of goods are public goods and private goods.
Understanding the distinction between these two types of
goods is essential in economic analysis, policymaking, and
resource allocation. This document presents a comparative
analysis of public and private goods in a tabular format,
highlighting their key differences.
2. Comparison of Public and Private Goods
Feature Public Goods Private Goods
Goods that are
Goods that are non-
excludable and
Definition excludable and non-
rivalrous in
rivalrous in consumption.
consumption.
Cannot exclude Can exclude
Excludability individuals from using individuals who do not
them. pay.
One person's One person's
consumption does not consumption reduces
Rivalry
reduce availability for the amount available
others. for others.
Examples National defense, street Food, clothing, cars,
