A good that once provided, it it difficult to prevent one from using regardless of whether they pay for its use
Merit Goods
Have benefits to the community that go beyond how the individual directly enjoys them
Demerit Goods
Harmful items with negative effects that may restrict the production and sale of these items
Provision of Goods & Services
Governments provide goods and services that benefit the whole community, however, not all are public. Occasionally, governments operate as natural monopolies to provide goods.
Natural Monopoly
A market structure where goods can only be efficiently provided by one supplier. It is inefficient for competitors to operate because of the risk of private owners abusing power and leaving consumers to pay prices monopolists set
