As the population of metropolitan areas grows, so does the need for private and public outdoor space. In turn, in some EEA (European Economic Area) countries, urban populations are declining, reducing outdoor requirements, and increasing the potential for biodiversity or land degradation. The understanding of private property and its value is constantly evolving and improving. Private property and public outdoor space can mean both concepts or be considered separately. The aim of research on the economic value of urbanized public outdoor space was to conduct literature knowledge appropriate to the research topic. The method of literature analysis is used in the research. The research is carried out by providing an overview of the significant publications in the research of the topic (citation context analysis), identifying the most frequently used terms, as well as the latest theoretical findings, and definitions. As a result of the research, it has been concluded that several other terms are used in research on public outdoor space - public realm, green space, etc. On the other hand, the public good is characterized by the availability of its use to all members of society and its use is free of charge; however, some authors of recent publications explain this understanding of the concept in a different context. The problem with public outdoor space as a public good is that property maintained by the state and local governments is maintained with public funding, and its free value in the context of the public good is a rather conceptual assumption, and so on. In order to continue the study of the value of public outdoor space, it is important to create an understanding of the use and meaning of the concepts, which are analyzed in this study.