Stephanie stops at a gas station to fill up the tank of her car. The gallons of unleaded gasoline in her tank are best described as private goods.
What is private goods?
- A private good is a product or service produced by a privately owned business that is purchased to increase the buyer's utility or satisfaction.
- The majority of goods and services consumed in a market economy are private goods, and their prices are determined to some extent by supply and demand market forces. Pure private goods are both excludable and rivalrous, where excludability means that producers can prevent some people from consuming the good or service based on their ability or
- willingness to pay and rivalrous indicates that one person’s consumption of a product reduces the amount available for consumption by another. In practice, private goods exist on a spectrum of excludability and rivalry, with some exhibiting only one of these characteristics.
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