public good

  

Definition

An item whose consumption is not decided by the individual consumer but by the society as a whole, and which is financed by taxation.

A public good (or service) may be consumed without reducing the amount available for others, and cannot be withheld from those who do not pay for it. Public goods (and services) include economic statistics and other information, law enforcement, national defense, parks, and other things for the use and benefit of all. No market exists for such goods, and they are provided to everyone by governments. See also good and private good.


Use public good in a sentence

  • We were focusing on delivering our services to the public. We were fortunate to be considered a public good by the state.

    2 people found this helpful
  • Trying to make every decision with the public good in mind should allow your company to have a great reputation with your customers.

    4 people found this helpful
  • The man going to prison for taking advantage of his leadership position was for the public good, because he could no longer have power over anyone.

    3 people found this helpful
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/public-good.html

Mentioned in these terms

Have a question about public good? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z