PUBLIC GOODS: Goods that are difficult to keep nonpayers from consuming (excludability), and use of the goods by one person doesn't prevent use by others (rival consumption). Examples include national defense, a clean environment, and any fourth of July fireworks display. Public goods are invariably provided by government because there's no way a private business can profitably produce them. Private businesses can't sell public goods in markets, because they can't charge a price and keep nonpaying people away. Moreover, businesses shouldn't charge a price, because there's no opportunity cost for extra consumers. For efficiency, government needs to pay for public goods through taxes.

     See also | good types | excludability | rival consumption | efficiency | market | exchange | market failure | common-property good | near-public good | private good | free-rider problem |

PUBLIC GOODS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 18, 2018].

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Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for defective microphones.
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