Distinguish among private goods, Community Property Resource(CPR), and public goods. Explain why a CPR is an "incomplete property right."

Private goods, Community Property Resources (CPR), and public goods are fundamental economic classifications based on their characteristics of excludability and rivalry in consumption. Each type of good has distinct ownership structures and economic implications, especially in the context of Development Economics II.

Private Goods

Private goods are both excludable and rivalrous in nature. This means that individuals can be prevented from consuming them (excludability), and their consumption by one individual reduces availability for others (rivalry). Examples include food, clothing, and automobiles. Since private goods are owned and controlled by individuals or firms, they _______ _____ ______ _______ __________ _________ ___.
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