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

Private Goods, Common Pool Resources (CPR), and Public Goods are three distinct categories of goods in economics, each with unique characteristics:

1. Private Goods:

   • Private goods are characterized by two key features: rivalry and excludability.
   • Rivalry: Consumption of a private good by one individual reduces its availability for others. For example, if you eat an apple, no one else can eat that same apple.
   • Excludability: Producers can prevent individuals who have not paid for the good from consuming it. For example, a store can prevent you from taking a product without paying for it.
   • Examples of private goods include most consumer products like clothing, electronics, and food.

2. Common Pool Resources (CPR):

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