How would you classify goods that are both nonexcludable and nonrival?

Goods that are both nonexcludable and nonrival are classified as public goods. Nonexcludable means that it is not possible to prevent individuals from accessing the good, even if they do not pay for it. Nonrival indicates that one person's use of the good does not diminish the ability of others to also use the same good.

Public goods are characteristic of resources such as national defense, street lighting, and public parks. Once these goods are provided, everyone can benefit from them without reducing their availability to others. This reflects the essence of public goods, where the benefits are shared among all individuals in society without the necessity for exclusion or competition for consumption.

In contrast, private goods are excludable and rival, meaning that consumption by one person reduces availability for others. Common goods, while nonexcludable, are rivalrous, meaning that their use by one person can deplete the resource for others. Club goods are excludable but nonrival, as they are available to a limited group but their use does not decrease the availability for others within that group.