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Answer the following questions:
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Public Goods
Goods that are non-excludable and non-rivalrous, meaning that one person's consumption does not reduce the availability to others, and it's hard to prevent people from using them.
Nonrivalry-in-Consumption
A characteristic of certain goods where one person's consumption does not reduce the availability of the good for consumption by others.
External Benefit
A benefit that results from an economic transaction but is received by individuals or groups who are not direct parties to the transaction.
Economic Efficiency
A situation where the allocation of resources produces the maximum possible satisfaction of our wants without wasting any resources.
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