In economic terms, a good that is rivalrous and has limited access is called what?

In economic terminology, a good that is rivalrous and has limited access is classified as a private good. Rivalrous goods are those for which one person's consumption diminishes the ability for another person to consume the same good. For instance, if someone buys and consumes an ice cream cone, that ice cream cone is no longer available for someone else. Limited access refers to the situation where the good can be excluded from use by individuals who do not pay for it, allowing producers to profit by charging a price for the good.

Private goods are typically provided in a market context, where individuals pay for consumption, thus ensuring their availability primarily to those who buy them. This contrasts with public goods, which are non-rivalrous and non-excludable, meaning they can be consumed by anyone without diminishing availability for others. Common goods, while rivalrous, are not excludable, which allows for overuse, leading to issues like the tragedy of the commons. Club goods, on the other hand, are excludable but non-rivalrous, providing benefits only to a specific group that pays for access.

In summary, the correct classification of a good that is both rivalrous and has limited access is indeed a private good. This understanding highlights the economic