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Generally, when more variables are added to a prediction equation
Private Good
A good that is both excludable and rivalrous, meaning it can only be used by one person at a time, and access to it can be restricted.
Excludable
A characteristic of a good or service that allows owners or producers to prevent others from using it without permission or payment.
Rival
An entity competing against another in the same market, striving for a greater share of assets, customers, or recognition.
Nonexcludable
A property of a good where it is not possible to prevent individuals from consuming the good, regardless of whether they have paid for it.
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