public good definition

public good

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 who do not pay for it. Public goods (and services) include economic statistics and other information, law-and-order enforcement, national defense, national parks, etc. No market exists for such goods, and they must be provided to everyone by the government. See also good and private good.

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