Concept information
Preferred term
private good
Definition
- A private good is a product or service produced by a privately owned business and purchased to increase the utility, or satisfaction, of the buyer. Most of the goods and services consumed in a market economy are private goods. [Source: Encyclopedia of Business Ethics and Society; Private Good]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/private_good
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