[Difference] Public provision, Public goods, public production
Looking for what is Provision of public goods and public production and difference between public provision, public goods and public production.
What is public provision?
The public provision means that they are financed through the budget and can be used without any direct payment.
What is Public Goods?
The government provides certain goods and services which cannot be provided by the market mechanism i.e. by the exchange between individual consumers and producers. Examples of such goods are national defence, roads, government administration etc. which are referred to as public goods.
Public goods may be produced by the government or the private sector.
What is public production?
Public goods may be produced by the government or the private sector. When goods are
produced directly by the government it is called public production.
