Public Goods & Private Goods Explained | NCERT | Most Important Economy Concepts @Simple Classes

@Simple Classes brings another NCERT focused economy concept lecture on Public Goods & Private goods. Private good is just opposite to public good. Public goods are generally open for all to use and consumption by one party does not stop…

Public Goods & Private Goods Explained | NCERT | Most Important Economy Concepts @Simple Classes

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@Simple Classes brings another NCERT focused economy concept lecture on Public Goods & Private goods.

Private good is just opposite to public good. Public goods are generally open for all to use and consumption by one party does not stop other party’s ability to use. It is also not excludable and its explained with the help of example in the video.
Examples of public goods include law enforcement, national defense etc. On the other hand, car, food and movie tickets are some examples of private goods.

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