A rival good is a good whose consumption by one individual precludes its consumption by another individual. In other words, one person's consumption of a rival good reduces the amount of the good available for consumption by others. Examples of rival goods include food, water, and shelter.
What does it mean for a good to be termed a non rival good?
A nonrival good is a good that can be consumed by multiple people at the same time without diminishing the availability of the good for others. A good that is rivalrous, on the other hand, can only be consumed by one person at a time and is not available for others to use while it is being consumed. What is an example of a rival good? A rival good is a good that can only be consumed by one individual and cannot be resold. An example of a rival good is a slice of pizza. Once someone has eaten the pizza, it cannot be eaten by anyone else and it cannot be sold.
What is meant by rival goods?
Rival goods are those which are capable of being consumed by only one individual at a time. In other words, one person's consumption of the good prevents another person from consuming it. For example, a hamburger is a rival good, because one person eating a hamburger means that another person cannot eat that same hamburger. By contrast, non-rival goods are those which can be consumed by more than one person at the same time. For example, a television show is a non-rival good, because one person watching the show does not prevent another person from watching it.