The free-rider problem arises when individuals can enjoy the benefits of a public good without contributing to its
Tag: classification of goods and services
free goods
Free goods are goods that are not scarce and have zero opportunity cost because their availability is abundant
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
private goods
Private goods (economic goods) are defined by two key properties: rivalry and excludability. economic goods that are consumed
Understanding Types of Goods in Economics: Free, Private, Public, Merit, and Demerit Explained
@3aukcom A-Level Economics: Classification of Goods – Free, Private, Public, Merit & Demerit Discover the classification of goods