Explain the Difference Between a Public and Private Good

question 16

Essay

Explain the difference between a public and private good.Describe the rationale behind supply and demand analysis for public goods.

---

Definitions:

Salt Deposits

Concentrations of salt left behind when water evaporates, forming layers underground or on the surface.

Less Dense

Describes a lower mass per unit volume of a substance, often causing it to float atop more dense materials.

Continental Crust

The thick part of the Earth's crust that forms the large landmasses, typically composed of less dense rocks like granite.

Continental Slope

The steep slope extending from the outer edge of the continental shelf down to the continental rise or the ocean floor.