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