11.3.21

Different types of goods-public economics

TYPES OF GOODS

Congestible Public Goods: These are partially rivalrous (i.e., by imposing a fee, the users may become excludable). 


Social Goods or Public Goods: Which are produced or provided by the government. 


Pure Public Goods: Which are produced by the government but are totally non-rivalrous and non-excludable. 


Private Wants: Which can be satisfied by the market. 


Social Wants: Which are satisfied by the government. 


Merit Wants: Which can be satisfied by the market but because of non availability of resources in the hands of a certain sections of the society, government must satisfy these wants. 


Functional Finance: Use of the government finances i.e., tax and expenditure policies, for achieving the goal of economic stability, i.e., to avoid both depression and inflation.

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