What distinguishes public goods from private goods?
Public goods are both nonrival in consumption (one person's consumption does not diminish another's) and nonexclusive (you cannot prevent nonpaying individuals from benefiting from the good). Private goods are both rivalrous and exclusive. One's consumption of such a good does diminish another's, and you can keep nonpaying individuals from consuming the good or service.
Economics
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Several adjustments must be made to net domestic product at factor cost in order to calculate GDP. One of these adjustments is adding depreciation. What is depreciation and why must it be added?
What will be an ideal response?
Economics
Why shouldn’t Japan make its main production sector agriculture?
What will be an ideal response?
Economics