Write a 500 to 750-word report on public and private
goods. The following bullets include some words that are in bold — use these words as first-level
headings with appropriate capitalization.
Your report should:
- Include a brief introduction and a conclusion. See the note, Introductions and Conclusions, for more information on introductions and conclusions.
- Define and discuss each of the four categories of goods that McEachern listed in Chapter 16. These categories include in: 1) public goods, 2) natural monopoly/quasi-public goods, 3) private goods, and 4) open-access goods. Include four real-world examples of these goods (one real-world example for each category). At least one of your examples should be a product/service that is produced at your workplace. In addition, your examples should not be examples included in our text or other sources; these should be your examples.
- Discuss why the terms “private goods” and “public goods” are misleading terms. Hint: What firms and organizations provide these goods. Also provide an example of a private good that is produced by/provided by the public sector (a government agency).
- Evaluate why business managers and government officials should have a solid knowledge of private and public goods. Include this evaluation in your conclusion. Please note: Your conclusion should also review all the major elements of your report.
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