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A private good is defined in economics as "an item that yields positive benefits to people" [1] that is excludable, i.e. its owners can exercise private property rights, preventing those who have not paid for it from using the good or consuming its benefits; [2] and rivalrous, i.e. consumption by one necessarily prevents that of another.
Private income is either: any type of income received by a private individual or household, often derived from occupational activities, or income of an individual that is not in the form of a salary , wage , or commission (e.g. income from investments or renting land or other property).
Goods are items that are usually (but not always) tangible, such as pens or apples. Services are activities provided by other people, such as teachers or barbers.Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.
Private goods are excludable goods, which prevent other consumers from consuming them. Private goods are also rivalrous because one good in private ownership cannot be used by someone else. That is to say, consuming some goods will deprive another consumer of the ability to consume the goods. Private goods are the most common type of goods.
In 1961, Murray Rothbard wrote: "Any reduction of the public sector, any shift of activities from the public to the private sphere, is a net moral and economic gain." [ 4 ] American libertarians and anarcho-capitalists have also argued that the system by which the public sector is funded, namely taxation, is itself coercive and unjust . [ 5 ]
Privatism is a generic term generally describing any belief that people have a right to the private ownership of certain things. According to different perspectives, it describes also the attitude of people to be concerned only about ideas or facts that affect them as individuals.
The Nice Classification is based on a multilateral treaty administered by WIPO.This treaty, consummated on 15 June 1957 in Nice, France, is called the "Nice Agreement Concerning the International Classification of Goods and Services for the Purposes of the Registration of Marks".
A noncongested toll road is an example of a club good. It is possible to exclude someone from using it by simply denying them access but it is not a rival good since one person's use of the road does not reduce its usefulness to others.