Unlocking Economic Wisdom: Merit vs. Demerit Goods Explained! 📚💡 #EconomicInsights Public goods and private goods are two fundamental concepts in economics that help distinguish between types of goods based on their characteristics and how they are consumed. **Public Goods:** Public goods are goods that are non-excludable and non-rivalrous in consumption. This means that once provided, individuals cannot be excluded from using them, and one person's consumption of the good does not reduce its