Public goods essay. Business & Marketing Assignment. (Essay Sample)

Public goods
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Public goods
Introduction
Public goods are characterized by non-rivalries consumption; it means that the marginal cost remains zero. Another feature of public goods is their non-excludability from consumption, the two features define public goods, and they indicate that the private sector is not concerned with the production of public goods (Belletti, & Touzard, 2017). Public goods are essential to the market defect, which should be corrected by the state. Amongst the public goods exists a group of social goods which have features equal to those of private goods but are available to each civilian since the government budget finances them.
Public goods can be classified as pure public goods, universal mixed goods, global public goods then local goods. The universal public goods are the intermediate goods between the state and pure public goods (Wang & Chen, 2018). Global and local public goods are considered in the development and social terms in the context of both mixed goods and pure goods.