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© 2009 Pearson Education, Inc. Publishing as Prentice Hall   Principles of Economics 9e by Case, Fair and Oster

The Sources of Market Failure

Public Goods

public goods, or social goods  Goods or services that bestow collective benefits on members of society. Generally, no one can be excluded from enjoying their benefits. The classic example is national defense.

private goods  Products produced by firms for sale to individual households.

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