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Public goods are commodities or services provided without profit to all members of a society, typically by the government. These goods are non-excludable and non-rivalrous. Public administration is concerned with the efficient provision and funding of public goods, as private markets may not provide them in optimal quantities.

A monopoly exists when a specific person or enterprise is the only supplier of a particular good or service. This can lead to higher prices and lower quality due to lack of competition. Public policy may regulate monopolies to protect consumers by enforcing antitrust laws, promoting competition, or directly controlling prices and service quality.

Externalities are costs or benefits of an economic activity experienced by third parties. Negative externalities, like pollution, result in social costs not reflected in market prices. Public policy can address externalities through taxes, subsidies, or regulations to internalize these costs or benefits, ensuring that market prices reflect the true cost of goods and services.

Monetary policy involves the management of the money supply and interest rates by central banks. Public administrators may influence monetary policy through legislative actions or regulatory frameworks and its effects are significant on inflation, unemployment, and the business cycle.

Regulatory economics pertains to the government-imposed rules that modify economic behavior. The objective is often to correct market failures, protect consumers, and maintain market competition. Effective public administration is needed to ensure regulations are efficacious, enforceable, and balanced.

Fiscal policy refers to the use of government spending and taxation to influence the economy. By adjusting its level of spending and tax rates, the government can affect the levels of demand in the economy, therefore influencing economic activities. Public administrations play a crucial role in implementing fiscal policy and managing government budgets.

Unemployment refers to the phenomenon of people who are willing and able to work but do not have a job. Public policy addresses unemployment through various means ranging from job-creation programs to unemployment insurance. Efficient administrative management of these policies is critical for their success.

Cost-benefit analysis is a systematic approach to estimate the strengths and weaknesses of alternatives used to determine options that provide the best approach to achieve benefits while preserving savings. It is essential in public policy to evaluate the financial feasibility and social impact of new projects or programs.

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power. Public administration addresses inflation through both monetary and fiscal policies to maintain price stability and protect economic welfare. Measures might include adjusting interest rates, taxation, and government spending.

Income redistribution involves the transfer of income from some individuals to others by means of a social mechanism such as taxation, welfare, or public services. Public administration is involved in designing and enforcing these policies with an aim to reduce economic inequality and provide a social safety net.

Supply and demand is a fundamental economic model of price determination in a market. It asserts that in a competitive market, the unit price for a particular good or service will vary until it settles at a point where the quantity demanded equals the quantity supplied. Public policy can influence both supply and demand through tax policy, subsidies, price controls, or direct regulation.