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Types Of Goods (Economics) • Public Goods – goods with characteristics of non-rivalry and non-excludability, e.g. street lights and national defence. • Private goods – goods which do have rivalry and excludability. The opposite of a public good. • Merit Goods - Goods which people may underestimate benefits of. Also often has positive externalities, e.g. education. • Demerit Goods - Goods where people may underestimate costs of consuming it. Often has negative externalities, e.g. smoking, drugs. • Free Goods – Good needed by society but available with no opportunity cost. It is a good without scarcity. For example, air is a free good. e.g. breathing air, Water.

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Types Of Goods (Economics)Public Goods goods with characteristics of non-rivalry and non-excludability, e.g. street lights and national defence.

Private goods goods which do have rivalry and excludability. The opposite of a public good.

Merit Goods - Goods which people may underestimate benefits of. Also often has positive externalities, e.g. education.

Demerit Goods - Goods where people may underestimate costs of consuming it. Often has negative externalities, e.g. smoking, drugs.

Free Goods Good needed by society but available with no opportunity cost. It is a good without scarcity. For example, air is a free good. e.g. breathing air, Water.

Non rivalry consuming good doesnt reduce amount available to other peopleNon excludable once provided you cant stop anyone consuming it.


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