Private goods

Excludability

Consumers of private goods can be excluded from consuming the product if they are not willing or able to pay for it

Rivalry

With a private good one persons consumption of a product reduces the amount left for others to consume 

Scare resources are used up in producing and supplying the good or service 

Rejectable goods

Private goods and services are rejectable

Public goods

Non- excludability - benefits of these goods cannot be confined to only those who have paid for it

Non- rivalry - Consumption of a public good by one person doesn’t affect the availability of a good to other people

If it is provided for one it should be provided for all

Semi public goods

Products that public in nature but do not fully exhibit the features of non excludability and non rivalry

Examples: Park and galleries