Hey future economists! 🧠 Let's dive into the amazing world of public goods and figure out what makes them so unique. Grab a comfy chair and some popcorn because we're going on an economics adventure! 🚀

Public goods are like a superhero's powers. They're available to everyone and don't diminish when used by others! They have two super special characteristics

• Non-Excludable: Once available, everyone can use it. No one can be left out. Imagine if Wi-Fi were available everywhere for free! 📡
• Non-Rival: If one person uses it, it doesn't reduce the amount available for others. Think about the sun; your neighbor sunbathing doesn't steal any rays from you. 🌞

Here's where the villain "Free Rider" comes in. People might hide their true love for a public good because they can enjoy it without paying. It's like listening to your favorite band play in the park for free! 🎸

But here's the twist: If the private benefits are small and the private costs are big, then the good won't be provided at all. This creates a problem known as "market failure." 📉