Identify similarities and differences between common goods, public goods, private goods, and natural monopolies. Provide an example of each type of good and justify your answers. Discuss possible positive or negative externalities associated with each example. How do the externalities affect the economy?
Each is guided by the economy.
Each is unique and different in reference to rival and exclusion.
Common goods: rival but not excludable. Interstates and public highways would be a good example because it is shared by all and beneficial to all members of society. A negative externality derived from the use of interstates and highways could be the greenhouse effect caused from gas emissions from vehicles traveling on them.
Public goods: neither
A negative externality could be that public parks attract unsavory characters i.e. drug dealers, rowdy teens etc. A positive might be that it's a nice place to hold birthday parties, weddings etc. with large groups.
Private goods: both