A private good is defined in economics as a good that exhibits these properties:
Excludable - it is reasonably possible to prevent a class of consumers (e.g. those who have not paid for it) from consuming the good.
Rivalrous - consumptions by one consumer prevents simultaneous consumption by other consumers. Private goods satisfies an individual want while public good satisfies a collective want of the society.
A private good is the opposite of a public good, as they are almost exclusively made for profit.
An example of the private good is bread: bread eaten by a given person cannot be consumed by another (rivalry), and it is easy for a baker to refuse to trade a loaf (excludable).
One of the most common ways of looking at goods in the economy, illustrated in the table below, is the classic division based on:
is there a competition involved in obtaining a given good?
is it possible to exclude a person from consumption of a given good?
