@teoshuxian6

Public goods and private goods differ in their characteristics and provision. Public goods are non-excludable and non-rivalrous, meaning no one can be excluded from their use, and one person’s consumption doesn’t reduce availability for others (e.g., streetlights). Private goods are excludable and rivalrous, with restricted access and limited supply (e.g., food). Public goods are typically provided by governments or public entities due to market failures, as private firms lack incentives to supply them. Private goods are supplied through markets, driven by profit motives. Government intervention, like taxes or subsidies, often ensures public goods’ provision, while private goods rely on consumer demand.

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