Private Goods:

Market economy provides solutions for private goods and does so efficiently. Private goods yield satisfaction only to the person consuming the goods, it is denied to others.

Example

a) A person who drinks a cup of coffee yields satisfaction or benefits from its consumption and any one else cannot consume that coffee.

b) The space in which a person parks his car gives satisfaction only to the person whose car is parked their and that space is denied to others. Thus, private goods are said to be rival in consumption.