What is the difference between privates goods and services and public goods and services?
Services: Mental or physical labor or help purchased by consumers. Examples are the assistance of physicians, lawyers, dentists, repair personnel, house cleaners, educators, retailers, and wholesalers; items purchased or used by consumers that do not have physical characteristics.
Private goods and services: Goods that can be consumed by only one individual at a time. Private goods and services are subject to the principle of rival consumption
Public goods and services: Goods for which the principle of rival consumption does not apply; they can be jointly consumed by many individuals simultaneously at no additional cost and with no reduction in quality or quantity.
Principle of rival consumption: The recognition that individuals are rivals in consuming private goods because one person's consumption reduces the amount available for others to consume.
Public goods are non-excludable and non-rival in consumption whereas Private goods are excludable and rival in consumption.
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The current prices are real and used nowadays to buy goods and services, while the adjusted ones are modified in order to compare the GDP in economies.
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Goods means merchandise; wares; tangible products that satisfy human wants.Services means a specific task for pay.