Public Goods versus Private Goods
a) Explain the difference between a public good and a private good, the latter of which is efficiently transacted in markets.
b) Explain what property rights are (the right to use, exclude others, and to transfer), and how these separate private goods from public goods.
c) Explain how paying for higher water quality, though a public good, was successful in the New York City example-Catskills.
d) Explain how paying for wildlife and biodiversity, though public goods, was accomplished in South Africa and Australia