public goods

Definition

An exception to the free-market system marked by two characteristics. First, if one person consumes public goods, the amount available remains the same. Second, once public goods are available, no one can be stopped from consuming them for free. An example is the protection provided by police, fire departments, and the military.

Use public goods in a sentence

The public goods were viewed in a special way as the supply and demand for those goods can be economically unique.

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My boss believes in locating our factories in cities with strong public services since those are public goods we can take advantage of without increased price to us.

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In selling her proposed infrastructure program to a divided legislature, the governor declared that it was incumbent upon the government to provide adequate public goods such as safe roads and bridges

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tax goods