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Definition of Public and Private Goods:
The excludable and personal commodities are categorised as Private goods in economics whereas public commodities means and includes goods that are not excludable and non-personal in nature. This means that usage of a public good by a single consumer will not reduce its accessibility and the same shall be accessible over a long period of time.
The word “excludable” means a circumstance where consumers are excluded from availing any good. The exclusion may be for many reasons. Likewise, the word “personal” means commodities that are used by one customer preventing others from the usage of those possessions.
The Definition of Public and Private Goods homework help group allows you to differentiate between public and private goods efficiently in your assignments. We help students by simply explaining that a private good satisfies the needs of one person while a public good satisfies needs of many people.
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