ECS3704
ASSIGNMENT 1 2025
UNIQUE NO.
DUE DATE: 2025
, ECS3704
Assignment 1 2025
Unique Number:
Due Date: 2025
Public Economics
Public vs Private Goods
Public and private goods are two key concepts in economics that describe how different
products and services are consumed and distributed in society.
Main differences
Feature Public Goods Private Goods
Goods that are owned and
Goods that are available for
consumed by individuals, and
Definition everyone to use, regardless of
access is restricted to those who
whether they pay for them or not.
pay.
Non-excludable – people cannot Excludable – only those who pay
Excludability
be prevented from using them. can access them.
Non-rivalrous – one person’s use Rivalrous – when one person
Rivalry does not reduce availability for consumes, it reduces availability for
others. others.
Streetlights, national defense,
Examples Food, cars, smartphones.
public parks.
ASSIGNMENT 1 2025
UNIQUE NO.
DUE DATE: 2025
, ECS3704
Assignment 1 2025
Unique Number:
Due Date: 2025
Public Economics
Public vs Private Goods
Public and private goods are two key concepts in economics that describe how different
products and services are consumed and distributed in society.
Main differences
Feature Public Goods Private Goods
Goods that are owned and
Goods that are available for
consumed by individuals, and
Definition everyone to use, regardless of
access is restricted to those who
whether they pay for them or not.
pay.
Non-excludable – people cannot Excludable – only those who pay
Excludability
be prevented from using them. can access them.
Non-rivalrous – one person’s use Rivalrous – when one person
Rivalry does not reduce availability for consumes, it reduces availability for
others. others.
Streetlights, national defense,
Examples Food, cars, smartphones.
public parks.
