What is the difference between a public good and a private good?

What is the difference between a public good and a private good Introduction: The Diverse Realm of Goods Welcome to our exploration of public goods and private goods. In the realm of economics, goods play a pivotal role. They encompass a wide range of items, from tangible products to intangible services. Today, we'll focus on two distinct categories: public goods and private goods. Defining Public Goods: A Collective Benefit Public goods are characterized by two key attributes. Firstly, they are non-excludable, meaning that once provided, it is difficult to prevent anyone from enjoying their benefits. Secondly, they are non-rivalrous, implying that one person's consumption of the good does not diminish its availability to others. Classic examples of public goods include street lighting, national defense, and public parks. Private Goods: Exclusive Ownership and Rivalry In contrast, private goods are both excludable and rivalrous. This means that access to these goods can be restricted, and their consumption by one individual reduces the quantity available for others. Common private goods range from everyday items like food and clothing to luxury goods such as high-end electronics. The Free Rider Dilemma: A Challenge for Public Goods