Club goods are goods that are excludable but non-rivalrous in consumption. This means that only those who pay for the good can access it, but one person's consumption does not diminish the availability of the good for others.
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Excludability: Excludability refers to the ability to prevent non-paying individuals from accessing or using a particular good or service.
Non-Rivalry: Non-rivalry describes a situation where one person's consumption of a good does not reduce its availability or utility for others.
Public Goods: Public goods are non-excludable and non-rivalrous in consumption, meaning they are available to all and one person's use does not diminish their availability.