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Private GoodIn economics Private good is an opposite of the public good. Its main features are: - excludability (also referred in this context as rivalry) - cannot be consumed by everybody since consumption by one person reduces or excludes consumption by another
- depletability (it is finite)
Private goods are almost exclusively made for profit. An example of the private good is bread: there is a finite amount of it, and bread eaten by a given person cannot be consumed by another. One of the most common way 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
- whether it is possible to exclude a person from consumption of a given good
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