What's the difference between a public good and a private good?

In economics, goods are classified as either public goods or private goods based on their characteristics. A public good is a good that is non-excludable and non-rivalrous, meaning that individuals cannot be excluded from consuming it, and consumption by one individual does not reduce its availability to others. Examples of public goods include national defense, public parks, and streetlights.

In contrast, a private good is a good that is excludable and rivalrous, meaning that individuals can be excluded from consuming it, and consumption by one individual reduces its availability to others. Examples of private goods include clothing, food, and electronics.

Another type of good is a club good, which is excludable but non-rivalrous. Examples of club goods include movie theaters, golf courses, and private beaches. Finally, a common good is a good that is rivalrous but non-excludable. Examples of common goods include fish in the ocean and clean air.