When private property and/or individual property becomes all goods designation, which can be offered due to your characteristics by the market. These characteristics are

• Excluding barness: An individual can be excluded from the use of the property. The use (control) is only made possible by payment of a price.
• Rivalry: The consumption of this property by an individual excludes the consumption of the same property by another individual.

If both criteria are not fulfilled, it concerns a public property (e.g. National defense), which cannot be offered by the market (market failure). Here the state must intervene correcting in the market.

Examples of private goods: Clothes, ice-cream,"Â…

Articles in category "Individual property"

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