Goods and services that cannot be readily provided by markets are called __________.

Question

Quizplus · Accepted Answer

Public goods are goods and services that cannot be readily provided by markets because they exhibit two key characteristics: non-excludability (it is impossible to exclude anyone from using the good) and non-rivalry (one person's use of the good does not diminish its availability to others). Examples of public goods include national defense, clean air, and street lighting.

Goods and Services That Cannot Be Readily Provided by Markets