Public goods are unlike private goods in that it is much more difficult to determine what the equilibrium price is, and what the equilibrium quantity will be. For example, green space is a public good.
Everybody loves green space and wants to have more green space. Unlike a private good though, it is difficult to determine the optimal quantity of green space because the land that could be used for green space, has an opportunity cost.
Consumption of a public good is non-rivalrous. On the other hand, consumption of a private good is rivalrous.
Rivalrous consumption means that two people cannot consume the same good at the same time, whereas non-rivalrous consumption means that two people can consume the same good at the same time.
The characteristic of non-excludability also makes public goods different from private goods. Public goods are non-excludable. This means that people cannot be prevented from using the public goods if they want to use them.
In contrast, private goods are excludable. It is easy to exclude people from benefiting from private goods by making them pay for them.
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