A public good is a type of good that is non-excludable and non-rivalrous, meaning that it can be consumed by anyone without reducing its availability to others. This characteristic often leads to challenges in funding and provision, as individuals may rely on others to pay for the good, resulting in the free rider problem.
Public goods provision refers to the process by which governments or organizations supply goods or services that are non-excludable and non-rivalrous, meaning they are available to all members of society without diminishing in availability as more people use them. This provision often requires government intervention due to market failures, as private markets typically lack incentives to produce these goods efficiently or at all.
Societal benefit refers to the positive impact that actions, policies, or innovations have on the well-being of a community or society as a whole. It encompasses improvements in quality of life, economic prosperity, environmental sustainability, and social equity, often requiring a balance between individual interests and the common good.