A public good is a good that is provided to the public, society with no profits, rewards by an organisation.simply said :public goods are widly opened and offered to the public.Public goods unique features could be that an acquirer’s benfit does not resolves in diminishing the benfits for others .
Public goods are beneficial for maintaining a well-organized society, as they support the public’s origination, add to social inclusion and by that it boosts and improves the sense of citizenship.
The incentives of fame could be one of many public goods that are provided or through a self-motivation to do an excellent job.
Public goods have two properties:
o Non-rivalry: This state while consuming a good, there will not be a decrease in the amount of good that is available for others. For example, profiting from a street light doesn’t decrease the light that is available for others while eating an orange would.
o Non-excludability: In thesetypes of goodsit is impossible to provide a good without the others being able to enjoy it as well. For example, providing public roads and public beaches.
Because of public good’s non-rivalry and non-excludabilitycharacteristics meaning there being a motivation not to pay, market failure can accrues and could be contributing in collective action problems.In order to stop market inefficiency, there should be a substitution of public goods by private goods .That might also be the reason whyin a free markets, firms usually tend to reduce the providing of thesetype of goods because it’s difficult to charge people for their use.Although free market, may not provide public goods buy there could be in many cases where individuals get together voluntarily trying to provide public goods.