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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]
Government spending or expenditure includes all government consumption, investment, and transfer payments. [ 1][ 2] In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infrastructure, public transit, public education, along with health care and those working for the ...
Government procurement in the United States. In the United States, the processes of government procurement enable federal, state and local government bodies in the country to acquire goods, services (including construction ), and interests in real property. [ 1] Contracting with the federal government or with state and local public bodies ...
The US government's Bureau of Economic Analysis as of Q3 2023 estimates $10,007.7 billion in annual total government expenditure and $27,610.1 billion annual total GDP which is 36.2%. [1] This government total excludes spending by "government enterprises" which sell goods and services "to households and businesses in a market transaction."
Subsidy. A subsidy or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or ...
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.
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 businesses subject ...