We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Common Goods, Public Goods, Private Goods, and Natural Monopolies

essay
The whole doc is available only for registered users OPEN DOC
  • Pages: 2
  • Word count: 256
  • Category: Pollution

A limited time offer! Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed

Order Now

Similarities

Each is guided by the economy.

Differences

Each is unique and different in reference to rival and exclusion.

Examples/Externalities

Common goods: rival but not excludable. Interstates and public highways would be a good example because it is shared by all and beneficial to all members of society. A negative externality derived from the use of interstates and highways could be the greenhouse effect caused from gas emissions from vehicles traveling on them.

Public goods: neither excludable nor rival. Public parks would be a good example because one persons use of does not diminish another persons use, and there are no restrictions for the use. A negative externality could be that public parks attract unsavory characters i.e. drug dealers, rowdy teens etc. A positive might be that it’s a nice place to hold birthday parties, weddings etc. with large groups.

Private goods: both excludable and rival. Personally owned vehicles (POV’s) would be a good example because one person’s use of it would diminish another person’s use of it, and the use of it is restricted by the owner. A negative externality might be air pollution caused by gas emissions.

Natural monopolies: excludable but not rival. Electricity would be a good example because it can be restricted to only those who pay for the service; however, one person’s use of it does not diminish another person’s use. A positive externality might be the social benefits of production and consumption of electricity i.e. cooking, heating and air conditioning etc.

Related Topics

We can write a custom essay

According to Your Specific Requirements

Order an essay
Get Access To The Full Essay
icon
300+
Materials Daily
icon
100,000+ Subjects
2000+ Topics
icon
Free Plagiarism
Checker
icon
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access
immediately?

Become a member

Your Answer Is Very Helpful For Us
Thank You A Lot!

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?

Can't find What you were Looking for?

Get access to our huge, continuously updated knowledge base

The next update will be in:
14 : 59 : 59
Become a Member