public goods and services

What is public goods and services?

public goods and services meaning Benefits that cannot be withheld from those who don’t pay for them, and benefits that may be “consumed” by one person without reducing the amount of the product available for others. Examples include national defense, streetlights, and roads and highways. Public services include welfare programs, law enforcement, and monitoring and regulating trade and the economy.

 

reference: IRS – Understanding Taxes Student

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