What are public goods? Explain their features. How are public goods responsible for market failure?

A public good (also referred to as a social good or collective good) is a good that is both non-excludable and non-rivalrous. For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others.Therefore, the good can be used simultaneously by more than one person.This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, the fact that it can be used simultaneously by more than one person would be economically irrelevant.

Capital goods may be used to produce public goods or services that are "...typically provided on a large scale to many consumers." Unlike other types of economic goods, public goods are described as “non-rivalrous” or “non-exclusive,” and use by one person neither prevents access of other people nor does it reduce availability to others. Similarly, using capital goods to ____ ____ _____ _________ _____.
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