EconomicsCode 9708
Classification of goods and services
What this topic asks you to be able to do
- the features and definitions of free goods and of private goods (also known as economic goods)
- the essential character and definition of public goods
- merit goods: what they are and how they are defined, and why imperfect information in the market leads to their under-consumption
- demerit goods: what they are and how they are defined, and why imperfect information in the market leads to their over-consumption