To increase safety at a bad intersection, you must decide whether to install a traffic light in your hometown at a cost of $10,000. If the traffic light reduces the risk of fatality by 0.5 percent and the value of a human life is about $10 million, you should

Public goods and common resources are two types of goods that have different characteristics and implications for social welfare.  In economics, a public good is a good that is both non-excludable and non-rivalrous. This means that one person's use of the good does not diminish its availability to others. For example, fresh air is a public good.  A common resource is a product or resource that is non-excludable but rival. This means that one person's consumption reduces the availability for others. For example, wild fish stocks in the ocean are a common good.  Some examples of common... Show more

Public goods and common resources are two types of goods that have different characteristics and implications for social welfare. 

In economics, a public good is a good that is both non-excludable and non-rivalrous. This means that one person's use of the good does not diminish its availability to others. For example, fresh air is a public good. 
A common resource is a product or resource that is non-excludable but rival. This means that one person's consumption reduces the availability for others. For example, wild fish stocks in the ocean are a common good. 

Some examples of common resources include: forests, man-made irrigation systems, fishing grounds, and groundwater basins. 

Some examples of public goods include:
Education and knowledge
Environment
Town roads
Parks
Schools
National defense
Basic needs such as access to clean air and drinking water 

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