PRIVATE GOOD: A good that's easy to keep nonpayers from consuming (called excludability), and use of the good by one person prevents use by others (termed rival consumption). Examples include almost anything that you can buy at a grocery store or shopping mall. The reason for this is that private goods are privately owned and can be sold to others for a price. For efficiency, its best for these goods to be traded through markets without any direct government involvement (unless they have a market failure). See common-property good, near-public good, public good.

     See also | good types | excludability | rival consumption | efficiency | market | exchange | market failure | common-property good | near-public good | public good |

PRIVATE GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: May 24, 2019].

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The alternative ways in which a business or firm can be legally organized. The three primary alternatives are proprietorship, partnership, and corporation. Differences among three are mainly based on: (1) number of owners and (2) the liability of the owners. A proprietorship has a single owner with unlimited liability. A partnerships has two or more ownership with unlimited liability. The owners of a corporation have limited liability.

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Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for letters from the Internal Revenue Service.
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