Professional Documents
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Economics Chapter 3 - Part II - KEY: Making of Small Units
Economics Chapter 3 - Part II - KEY: Making of Small Units
Economics Chapter 3 - Part II - KEY: Making of Small Units
Private Goods
Use the forces of supply & demand to produce & distribute goods & service
They are for profit
Public Goods
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers Impractical or impossible to exclude nonpayers Consumption does not diminish benefits to others Financed by the public sector