Question

how i can explain difference between public and private goods ?

Answer 1

1 .The production of private goods take place in private sector but production of public goods take place in the public sector.

2 .Private goods are divisible but the public goods are indivisible. Private goods are consumed in different quantities by different individual but public goods are consumed in equal amount by all individuals.

3 .In the case of private good exclusion principle is applicable. Exclusion principle say that those who cannot pay the price are excluded from the consumption of private goods. In the case of public goods the exclusion principle is not applicable. this mean that even if an individual does not pay for any public good he is not excluded from the consumption of that good.

4.For private course there a market where these goods are bought and sold and prices are determined by the forces of demand and supply but in the case of public goods there is no such market this good are supplied by the government to the supplier

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