Goods where consumption of the good does not reduce the amount available for another person and does not exclude others from enjoying it
Excludability
Property of a good whereby a person can be prevented from using it if they do not pay
Global Public Goods
Goods that benefit every country, irrespective of which country provides it eg. Security from war, violence, and crime, the rule of law, property rights, contract enforcement, eradication of smallpox
Missing Market
The difficulties that the free market has in providing pure public goods since public goods are non-excludable
Non-excludability
Benefits derived from pure public goods cannot be confined solely to those who have paid for them. This gives rise to the free-rider problem
Non-rival Consumption
Consumption of a good by one person does not reduce the amount available for others. Non-rivalry is a characteristic of a pure public good
Tragedy of the Commons
The tendency of a resource to be over-used when no one owns it eg. deforestation and overfishing
