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English Lexicon

Public good

/ˈpʌb.lɪk ɡʊd/
nounCEFR C1 (Advanced)Top #4500 frequency
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Comprehensive Definitions & Senses

2 senses
As noun
  1. 1

    A product or service that is made available to all members of a society, typically funded by the government.

    "Public parks are considered a public good because they are accessible to everyone."
  2. 2

    A good that is non-excludable and non-rivalrous, meaning that one person's use does not reduce availability for others.

    "Clean air is a classic example of a public good."
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Antonyms & Contrasting Words (1)

Linguistic Origin & Historical Etymology

Derived from the combination of the English adjective 'public' (from Latin 'publicus', meaning of the people) and the noun 'good' (from Old English 'gōd', meaning benefit or advantage). The economic concept was formally developed in the 20th century, particularly through Paul Samuelson's foundational 1954 paper on the pure theory of public expenditure.

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