\n– A pure public good is characterized by two main properties: non-excludability (it is difficult or impossible to prevent people who have not paid for it from consuming it) and non-rivalry (consumption by one person does not reduce the amount available for others).
\n– National Defence is a classic example of a public good: defending the nation benefits everyone, and one person’s security does not diminish another’s (non-rivalrous); it is impossible to exclude any citizen from receiving this benefit (non-excludable).
\n– A Lighthouse is also often cited as a public good: ships can benefit from the light without paying (non-excludable), and one ship using the light doesn’t stop others from using it (non-rivalrous).
\n– Public Parks can be considered common resources or quasi-public goods. While often publicly provided, they can suffer from rivalry (overcrowding) and sometimes even excludability (fenced parks with entry fees or limited access).
\n– Electricity is a private good or, in some distribution scenarios, a club good. It is excludable (utility companies can cut off service to non-payers) and rivalrous (the amount of electricity consumed by one household reduces the amount available in the grid capacity).
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