The free-rider problem arises when individuals can enjoy the benefits of a public good without contributing to its
Glossary Category: Economic Efficiency, Market Failure
public goods
Public goods are goods or services that are both non-excludable and non-rivalrous. Because individuals cannot be prevented from
demerit goods
Demerit goods are products or services that are considered to be harmful or less beneficial to consumers than
merit goods
Merit goods are goods and services that are considered beneficial for individuals and society, often more than consumers