Private good

As a private good or Individualgut all goods are referred to, which can be offered from the market due to their properties. These properties are

• Excludability: An individual can be excluded from using the good. The use ( power of disposal ) is made possible only by paying a price.
• Rivalry: The consumption of this commodity by an individual includes the consumption of the same good by another individual.

If both criteria are not met, it is a public good (eg, national defense ), which can not be offered by the market (market failure). Here the state must intervene to correct the market.

Examples of private goods: clothing, Ice Cream, ...

• Economics