Economy, asked by yasminaparbin1022000, 3 months ago

define public goods and private good?​

Answers

Answered by mrAdorableboy
15

Explanation:

A pure public good is a good or service that can be consumed simultaneously by everyone and from which no one can be excluded. A pure private good is one for which consumption is rival and from which consumers can be excluded. Some goods are non-excludable but are rival and some goods are non-rival but are excludable.

Answered by ShrutiDhenge
1

Public goods - a public good is a good that is both non-excludable and non-rivalrous. For such utilities, users cannot be barred from accessing and/or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others.

Private goods- Private good, a product or service produced by a privately owned business and purchased to increase the utility, or satisfaction, of the buyer. The majority of the goods and services consumed in a market economy are private goods, and their prices are determined to some degree by the market forces of supply and demand.

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