ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Private Goods are products that are excludable and rival. They have to be purchased before they can be consumed. Thus, anyone who cannot afford private goods is excluded from their consumption. Likewise, the consumption of private goods by an individual prevents other individuals from consuming the same goods.

Detailed explanation-2: -Private goods are excludable and rival. Clothing is an example of a private good because some people are restricted from objects of clothing and an item of clothing can only be possessed or consumed by a single user at one time. Common goods are non-excludable and rival.

Detailed explanation-3: -When a good is both excludable and rival in consumption, it is called a private good. Wheat is an example of a private good.

Detailed explanation-4: -That is to say, producers can prevent the consumption of these goods if people have not purchased them. The types of goods that have such characteristics are private (clothes, electronics, etc) and club goods (cable TV, cinemas, etc).