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Private Good

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Private Good

A product that must be purchased in order to be consumed, and whose consumption by one individual prevents another individual from consuming it.

(Investopedia, at http://www.investopedia.com/terms/p/private-good.asp#ixzz3bcWZngMn, accessed 30 May 2015.) 

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Economists refer to private goods as "rivalrous" and "excludable". If there is competition between individuals to obtain the good and if consuming the good prevents someone else from consuming it, a good is considered a private good. A private good is the opposite of a public good. Examples of private goods include food, airplane rides and cell phones. Private goods are less likely to experience the free rider problem because a private good has to be purchased - it is not readily available for free. A company's goal in producing a private good is to make a profit. Without the incentive created by revenue, a company is unlikely to want to produce the good. (http://www.investopedia.com/terms/p/private-good.asp#ixzz3bcX4h7Gc, accessed 30 May 2015.) 


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