Private good - Revision history

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	<onlyinclude>A '''private good''' is a [[goods and services \| good]] that a consumer has to pay to use and that consumer who do not pay for it can be prevented from using it (it is excludable). The quantity of a private good diminishes as more and more consumers use the good (it is rivalrous).</onlyinclude> <ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Private Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2445?rskey=VC0wqb&result=1, 2009 [Aug 24, 2016]</ref>		<onlyinclude>A '''private good''' is a [[goods and services \| good]] that a consumer has to pay to use and that consumer who do not pay for it can be prevented from using it (it is excludable). The quantity of a private good diminishes as more and more consumers use the good (it is rivalrous).</onlyinclude> <ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Private Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2445?rskey=VC0wqb&result=1, 2009 [Aug 24, 2016]</ref>

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	==References==		==References==
	{{reflist}}		{{reflist}}
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[[Category:Done 2016-04-30]]
<onlyinclude>A '''private good''' is a [[goods and services | good]] that a consumer has to pay to use and that consumer who do not pay for it can be prevented from using it (it is excludable). The quantity of a private good diminishes as more and more consumers use the good (it is rivalrous).</onlyinclude> <ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Private Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2445?rskey=VC0wqb&result=1, 2009 [Aug 24, 2016]</ref>

When a consumer goes to a [[gasoline station|gas station]] and fills up their [[transportation|vehicle]] with [[gasoline]]. The person that comes after cannot consume the same gasoline used previously as it gets [[combustion | burned]] so nobody else can use it. Additionally, the gas station can prevent consumers from using their gasoline by charging a fee, until the consumer pays the price, they are excluded from using the gasoline.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 672.</ref>

This differs from a [[public good]] in that, a person can neither be excluded nor can they diminish the amount of a good available to others.<ref>M. Parkin and R. Bade. ''Economics: Canada in the Global Environment''. Toronto: Pearson, 2013, pp. 392.</ref> [[Solar power]] is an example of a public good, anyone can collect the sunlight and turn it into [[electricity]] and there is an unlimited amount of sunlight which is essentially the same around the world.<ref name=IPCC_SRREN> Verbruggen, A., W. Moomaw, J. Nyboer, 2011: Annex I: Glossary, Acronyms, Chemical Symbols and Preﬁxes. In IPCC Special Report on Renewable Energy Sources and Climate Change Mitigation [O. Edenhofer, R. Pichs- Madruga, Y. Sokona, K. Seyboth, P. Matschoss, S. Kadner, T. Zwickel, P. Eickemeier, G. Hansen, S. Schlömer, C. von Stechow (eds)], Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA.</ref>

==See Also==
Read about these other types of goods to see why a private good differs from other goods:

::::::::{| class="wikitable"
|-
| || '''Excludable''' || '''Non-Excludable'''
|-
| '''Rival''' || [[Private good]] || [[Common resource]]
|-
| '''Non-Rival''' || [[Club good]] || [[Public good]]
|-
|}

==References==
{{reflist}}