EVERYDAY SCIENCE

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: -Arguably the best examples of Tragedy of the Commons occur in situations that lead to environmental degradation. Among many things, pollution is caused by wastewater. As the number of households and companies increase and dump their waste into the water, the water loses its ability to clean itself.

Detailed explanation-3: -The Tragedy of the Commons is a story with a general lesson: when one person uses a common resource, he diminishes other people’s enjoyment of it. Because of this negative externality, common resources tend to be used excessively.

Detailed explanation-4: -describe the circumstances that will result in a tragedy of the commons? depletion or degradation of a potentially renewable resource to which people have free or unmanaged access.