Question

State any two examples of private goods.

Hint:

Private goods are owned and consumed by individuals, unlike public goods, which are non-excludable and non-rivalrous.

Answer 1

Private goods are rivalrous and excludable, meaning their consumption by one person reduces availability for others, and only paying consumers can access them. Examples:
1. Automobiles: Cars, bikes, and other vehicles are privately owned and used by individuals.
2. Clothing: Apparel like shirts, shoes, and accessories are purchased for personal use and cannot be used simultaneously by others.