What Is a Private Good?

Personal items are competitive and exclusive items.

Personal belongings

(noun)

Public Goods and Private Goods

Public goods and private goods are a concept. Economists distinguish between private goods as exclusive and competitive; and

In short, exclusivity means that I can't use another product when I use it, and I can't use it again when I take a bite of apple. Competitiveness means that I will use less of a commodity and others will be less. With one piece, I ate one apple and the other one could eat one less apple. Obviously, such as urban roads, street lights, public squares and green spaces are all non-competitive and non-exclusive: street lights

The supply of typical public goods is one of the most important reasons for market failure. One of the most common and common public items in our daily life is the aisle light, which provides the same function to every family on the same floor. If one day the aisle light is broken and you change a light bulb, it will also illuminate your neighbours when they shine on you, but they get the benefit without paying for it, then for you, the most equal The way is to get your neighbors to pay for it too. But your neighbors may tell you that they are willing to keep the aisle lights black and do not want to pay for them, although they do not want the aisle lights to continue black, but they hide their true ideas and hope to hitchhike you. You pay for them. Of course, as an educated person, you won't go to war with those who care about it, and you will generously pay for the broken bulb. But what if the market price of that bulb is 50 yuan? 100 yuan, or 10,000 yuan? The market is thus approaching failure: if there is no external force, most of our aisle lights will go black.