Planet Money: The Private Firefighter Industry
Need help with my Economics question – Im studying for my class.
Public Goods are goods that are not excludable and are not rival. This means that you can’ t keep people who haven’t contributed from using them, but their use doesn’t keep other folks from being able to use them.
Common Resources are goods that are not excludable but are rival. That means that you can’t keep folks from using them, but one person’s use could keep someone else from being able to use them.
Listen to: https://n.pr/2Lrqt91
Here is a link (Links to an external site.) to the transcript if you prefer to read,
Answer the following question for up to 10 points:
Do you think the need for Kim and Kanye to hire private firefighters proves that publicly provided wildfire fighters are a public good or a common resource? Pick one and justify your explanation using the descriptions of public goods and common resources listed above.