| the concept of public goods.what is public goods? What are the characteristics of Public goods?|

||Discussing about the concept of public goods.what is public goods? What are the characteristics of Public goods?|| In simple words public goods are those goods which are consumed by all or can be consumed at the same time by more…

| the concept of public goods.what is public goods? What are the characteristics  of Public goods?|

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||Discussing about the concept of public goods.what is public goods? What are the characteristics of Public goods?||
In simple words public goods are those goods which are consumed by all or can be consumed at the same time by more than one individual..For example : river, street, ozen layer.
Characteristics of Public goods :-
1.Equal consumption by all.
2. Non – rival in consumption i.e. consumption of which by some people doesnot reduce the available amount to others
3. Inapplicability of exclusion principle i.e. no one can be prevented from using the good, no one can be forced to pay for it.
4. Absence of revealed preference
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