ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
An economic issue where people do not have enough money to buy basic needs so they resort to stealing and breaking the law.
|
|
|
A type of play where someone tragically dies or gets killed.
|
|
|
Economic issue where individuals tend to take advantage of the natural resource and it becomes unavailable for everyone.
|
|
|
None of the above
|
Detailed explanation-1: -The tragedy of the commons refers to a situation in which individuals with access to a public resource (also called a common) act in their own interest and, in doing so, ultimately deplete the resource. This economic theory was first conceptualized in 1833 by British writer William Forster Lloyd.
Detailed explanation-2: -The definition of the Tragedy of the Commons is an economic and environmental science problem where individuals have access to a shared resource and act in their own interest, at the expense of other individuals. This can result in overconsumption, underinvestment, and depletion of resources.
Detailed explanation-3: -The rate at which depletion of the resource is realized depends primarily on three factors: the number of users wanting to consume the common in question, the consumptive nature of their uses, and the relative robustness of the common.
Detailed explanation-4: -The tragedy of the commons describes the over-use of a resource nobody owns. The tragedy of the anti-commons describes the under-use of resources with many owners.