Can You Distinguish Between Private Goods, Merit Goods And Public Goods?


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Private goods are the goods controlled by a certain person/individual or a private firm. The house I own is a personal good and no one else except me has the right to use it. If there was only one house in the country and I own it, no one else can lay a claim on it. If one person consumes the goods then the other person can not. Then we have the public goods that are owned by the government and every one has the right to use these goods. Merit goods are the goods that are goods that are more valuable then their actual price and for this they are dedicated for the general public by a donor for welfare purposes example include health care facilities and food stamps etc.

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