00:01
Hello, so you were asked for characteristics of public goods and private goods.
00:04
So looking at public goods, well they are non -excludable.
00:10
So it's difficult to prevent people from using a public good even if they haven't paid for it.
00:15
For example, once let's say a fireworks display is set off, everyone in the vicinity can enjoy it regardless of whether they have contributed to its funding.
00:24
They are non -rivalrous.
00:29
So one person's consumption of the good doesn't reduce its availability to others.
00:34
Again, using the fireworks example, one person watching the fireworks doesn't prevent another person from watching them.
00:42
And then there's the free rider problem.
00:45
So since it's difficult to exclude people from enjoying a public good, many might enjoy paying for it expecting others to cover the costs...