St. Charles Community College
Econ 100 Survey Economics
Public Goods vs Private Goods
|Features||Private Goods||Public Goods|
|Payment||Payment is made prior to the receipt of the goods. (Or, payment provisions are made prior to the receipt of the goods.)||Time and method of payment are uncertain.
|Consumption||When one person or one group consumes the product or service, all others can not||Everyone can consume the chosen good or service. The good or service is said to be non-rival in consumption.|
|Benefits||The one who consumes the good or service does so to the exclusion of all others.||No one is excluded from the benefits once society decides what the package will be and the goods and services are produced. The benefits are “collective benefits”.|