Question

Explain the concept of private goods, social goods and merit goods.

Answer 1

Private Goods : The goods which are in ownership of one individual is called private good .
such as : Mobile phone

Social Goods : The goods which are in ownership of any society is social good . Such as: Network tower , Railway tract


Merit goods : The goods which are very meritorious and good for people are merite goods .
Such as: X-Ray machine