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In Development Economics II, understanding the nature of goods and their implications for resource allocation and management is essential. Goods can be broadly classified into private goods, common property resources (CPRs), and public goods based on two characteristics: *rivalry* (whether consumption by one reduces availability for others) and *excludability* (whether individuals can be prevented from accessing the good). Private goods are both rivalrous and excludable. This means that one person’s consumption of the good reduces the quantity available to others, and it is possible to prevent non-payers from accessing the good. Examples include food, clothing, and cars. In development economics, private goods are typically ____ _______ _________ ___ ____ ________ ______.
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