Q.3 Difference between Private goods and public goods.
Ans:
Goods can be classified on the basis of their ownership. All goods that are privately owned and are exclusively enjoyed by individuals are called private goods. For example all the goods owned by you are private goods. This includes your watch, pen, scooter, books, table, chair, bed, clothes etc. If you own a factory then its building, machinery; tools etc are your private goods.
Public goods are those goods, which are owned and enjoyed by the society as a whole. For example roads, bridges, park, town hall etc. are all collectively owned. They are available to all people in a society without any discrimination, i.e. no one is denied from the consumption of public goods. Both government and private entrepreneurs may produces public goods.
| Keywords : Keywords : स्वामित्व (Ownership), उपयोग (Consumption), उदाहरण (Examples) |
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