The term "Public Good" refers to a commodity or service that provides benefits to the entire community, without being easily divisible or exclusive to individuals. Option 1, which suggests that a public good is a commodity produced by the government, is incorrect. While the government may provide public goods, not all public goods are produced by the government. Option 3, which suggests that a public good is a government scheme that benefits the poor households, is also incorrect. Public goods are not limited to government schemes or targeted towards specific income groups. Option 4, which suggests that a public good is any commodity that is popular among the general public, is also incorrect. Popularity among the general public is not a defining characteristic of a public good. The correct answer is option 2, which correctly identifies a public good as a commodity or service that provides benefits that are spread among the entire community and cannot be easily divided or exclusive to individuals.