+ Providing Public Goods/section 3 -W.T. Dameron 8 th period.

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Presentation transcript:

+ Providing Public Goods/section 3 -W.T. Dameron 8 th period

+ What is a public good? A public good is a product or service that is free in a sense, except most taxes pay for them. Such as TV channels, roads street lights, national defense, the police’s services & any other service/product paid by taxes.

+ Key terms. Public sector- the part of the economy that involves the transaction of the government. Private sector- the part of the economy that involves the transactions of individuals and businesses. Free rider- someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good. Market failure- a situation in which the market does not distribute resources efficiently.

+ we don’t have to watch all of it…

+ Easy quiz 1. Public good__ 2. Private sector__ 3. Public sector__ 4. Market failure__ 5. Free rider__ B. someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good. A. the part of the economy that involves the transaction of the government. C. the part of the economy that involves the transactions of individuals and businesses. D. a product or service that is free in a sense, except most taxes pay for them. Such as TV channels, roads street lights, national defense, the police’s services & any other service/product paid by taxes. E. a situation in which the market does not distribute resources efficiently.