Matching each type of good with the sample good it represents-
- Individual good - food
- merit good - education
- Public good - national security
What is refer as goods?
Commodities or items that are offered in the market to customers in order to satisfy their wants and deliver their best satisfaction are referred to as goods. An example of an individual good is a food resource or an item that must be purchased in order to be consumed.
Products that the government wants to encourage consumption which is why the public sector offers them for free or at a reduced cost is called merit goods. One example of it is education.
When a good or service is made publicly available to all people in a society, it is referred to as a public good. Typically, governments are accountable for providing these services, and taxes are used to support them all. Nation-wide security is included in this.
Learn more about Goods, here
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