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Results from the Perry Preschool Project and the Abecedarian Project indicate that
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they are available to all members of society and one person's use does not diminish another's.
Private Goods
Products and services that are excludable and rivalrous, meaning only paying customers can consume them, and one person's consumption prevents another's.
Government Failures
occur when government action results in outcomes that fail to achieve desired welfare improvements or when the intervention leads to an inefficient allocation of resources.
Economic Efficiency
A situation in which all resources are allocated optimally to serve each individual or entity in the best way while minimizing waste and inefficiency.
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