Private Goods and Military

Private goods are those that are both excludable and rivalrous in consumption. Excludable means that the good can be restricted to a particular group of people. Rivalrous means that the consumption of the good by one person reduces the availability of the same good for others. Here, military is not an example of a private good because it is a public good. Public goods are those goods that are non-excludable and non-rivalrous.

Explanatory Points

- Private goods are those goods that are both excludable and rivalrous in consumption.
- Excludable means that the good can be restricted to a particular group of people.
- Rivalrous means that the consumption of the good by one person reduces the availability of the same good for others.
- Examples of private goods include clothes, cars, and food items.
- Military is not an example of a private good because it is a public good.
- Public goods are those goods that are non-excludable and non-rivalrous.
- Examples of public goods include national defense, public parks, and street lighting.

Conclusion

In conclusion, military is not an example of a private good because it is a public good. Private goods are excludable and rivalrous, while public goods are non-excludable and non-rivalrous. It is important to understand the distinction between private and public goods in order to make informed decisions about resource allocation and public policy.