Final answer:
A public good is a service that is non-excludable and non-rivalrous, which private markets may underprovide due to the free rider problem. Food stamps, education, and Medicare are government programs, not public goods. Government services such as national defense and policing are better examples of public goods.
Step-by-step explanation:
The statement that a public good is any good provided by the government to individuals is not entirely accurate. The correct definition of a public good is a product or service that is non-excludable and non-rivalrous; this means that it is not possible to prevent anyone from using the good and one individual's use does not reduce its availability to others. Examples of public goods include national defense, fire and police services, and public parks. These services are generally provided by the government because of the free rider problem, where individuals have an incentive to consume a good without contributing to its costs, leading to potential underproduction of that good in a free market system.
Food stamps (SNAP cards), K through 12 education, and Medicare are not public goods; these are government programs or transfer payments intended to redistribute resources and provide for the welfare of its citizens, but they do not have the non-excludable or non-rival characteristics of public goods. The free rider problem suggests that private entities may underprovide certain goods and services, typically leading to government intervention to ensure adequate provision for the entire community.
A public good is a good or service that is provided by the government to some or all individuals without charge. Some examples of public goods include food stamps (SNAP cards), K through 12 education, and Medicare. Public goods are important because they are non-excludable and non-rivalrous, meaning that once they are provided, it is difficult to exclude anyone from using them, and one person's use does not diminish the availability of the good for others.
However, the free rider problem poses a challenge when it comes to public goods. The free rider problem refers to the situation where individuals can benefit from the provision of a public good without contributing to its cost. Because of this problem, we cannot rely solely on voluntary contributions to provide public goods, as it is likely that not enough people would contribute, resulting in an inadequate provision of the good or service. Instead, public goods are typically funded through taxes and provided by the government to ensure that they are available to all members of the community.