Private_good, Private_good Information, Private


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A private good is defined in economics as a good that exhibits these properties:

Excludable - it is reasonably possible to prevent a class of consumers (e.g. those who have not paid for it) from consuming the good.
Rivalrous - consumptions by one consumer prevents simultaneous consumption by other consumers.Private goods satisfies an individual want while public good satisfies a collective want of the society

A private good is the opposite of a public good, as they are almost exclusively made for profit.

An example of the private good is bread: bread eaten by a given person cannot be consumed by another (rivalry), and it is easy for a baker to refuse to trade a loaf (excludable).

One of the most common ways of looking at goods in economy, illustrated in the table below, is the classic division based on:

is there a competition involved in obtaining a given good?
is it possible to exclude a person from consumption of a given good?

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	Excludable	Non-excludable
Rivalrous	Private goods food, clothing, toys, furniture, cars	Common goods / (Common-pool resources) water, fish, hunting game
Non-rivalrous	Club goods cable television	Public goods national defense, free-to-air television, air
Private and public goods

Types of goods

public good - private good - common good - common-pool resource - club good - anti-rival goods

rivalrous good and non-excludable good complement good vs. substitute good free good vs. positional good

(non-)durable good - intermediate good (producer good) - final good - capital good
inferior good - normal good - ordinary good - Giffen good - luxury good - Veblen good - superior good
search good - (post-)experience good - merit good - credence good - demerit good - composite good

This article is licensed under the GNU Free Documentation License. It uses material from Wikipedia