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In economics, a public good (also referred to as a social good or collective good) [ 1] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [ 1] Therefore, the good can be used simultaneously by more than one person. [ 2]
Local service delivery is the delivery of public services at the local level and is a distinct domain of public policy.Local governments can be more reflective of local needs and interests and a prime driver of innovation in government practices; at the same time, local service delivery deals with some challenges, such as expertise concerns, steering problems, and the presence of economies of ...
An economic system, or economic order, [ 1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions [ 1][ 2] to solve or address relevant and real-world problems, guided by a conception [ 3] and often implemented by programs. These policies govern and include various aspects of life such as education, health care ...
Public service. A public service or service of general (economic) interest is any service intended to address specific needs pertaining to the aggregate members of a community, [ 1][ 2] whether provided directly by a public sector agency, via public financing available to private businesses or voluntary organisations, or provided by private ...
A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [20] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...
The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [16] (2) international political economy, which studies the economic impacts of international relations; [17] and (3 ...
A mixed economy is an economic system that accepts both private businesses and nationalized government services, like public utilities, safety, military, welfare, and education. A mixed economy also promotes some form of regulation to protect the public, the environment, or the interests of the state. This is in contrast to a laissez faire ...