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What is the difference between public …

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What is the difference between public goods and private goods explain why public goods must be provided by the government

    • Posted by Rani Agrawal 4 years, 5 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Sia ? 4 years, 5 months ago

    BASIS PUBLIC GOODS PRIVATE GOODS
    Meaning Public goods are the ones which are provided by the nature or the government for free use by the public. Private goods are the ones which are manufactured and sold by the private companies to satisfy the consumer needs and wants.
    Provider Nature or government Manufacturers i.e. entrepreneurs
    Consumer equality Rich and poor are treated equally Preference to rich consumers
    Availability Readily available to all Reduces with each consumption
    Quality Remains constant Varies with ability to buy
    Decision Social choice Consumer's decision
    Objective Overall growth and development Profit earning
    Rivalry Non-rival Rival
    Excludability Non-excludable Excludable
    Demand Curve Horizontal Vertical
    Examples Police service, fire brigade, national defense, public transport, roads, dams and river Clothes, cosmetics, footwear, cars, electronic products and food

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