In economics, a public good is one provided by the government. True False

While the statement is partially true, it’s essential to recognize that public goods are characterized by their non-excludability and non-rivalrous consumption. This means that individuals cannot be effectively excluded from using them, and one person's use does not reduce availability for others. Examples include clean air, national defense, and public parks. Often, governments step in to provide these goods, but they can also be offered by private entities under certain circumstances. In real-world applications, public goods can lead to what's known as the "free-rider problem," where individuals benefit from resources or services without paying for them. This often results in underfunding or depletion of these goods, prompting lessons in the importance of collective action and governmental support to ensure their availability and sustainability for the entire community.