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What is the difference between privates goods and services and public goods and services?

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Goods: All things from which individuals derive satisfaction or happiness
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.
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Differences between goods and services?

A good is a tangible object used either once or repeatedly. A service is intangible. The tangibility differentiator indicates the ability to touch, smell, taste and see which

What is the difference between a good and a service?

a good is a tangible product that can be physically used by an individual example foods; where as a service is intangible product that is not physically used but used as a sup

What is the difference between private goods and public goods?

Public goods are goods where it is too difficult to separate between payers and non payers (The technical term is non-excludable) and where there are plenty of the good and so

Difference between public and private service?

Public services are often financed via taxation while private services are based on the user pays principle. Public services often cater for larger groups while private servic

Give the different between goods and services?

Goods are material objects that are produced, stored and sold to customers who have no involvement in their production. Services are mostly non-material transactions that invo