Asked by Hailey Horner on Apr 30, 2024
Verified
Refer to Scenario 11-3. Which of these goods is the best example of a common resource? Briefly explain.
Common Resource
A resource like air or water that is non-excludable and rival in consumption, leading to potential overuse.
Fish In The Ocean
A term referring to the natural aquatic resources found in oceans, which can include various types of fish and sea life considered as potential food sources or ecological assets.
- Analyze real-world scenarios to categorize goods into the four types: private goods, public goods, common resources, and club goods based on their characteristics.
Verified Answer
FN
Furqan NadimMay 01, 2024
Final Answer :
Fish in the ocean is the best example of a common resource, because they are rival in consumption and not excludable.
Learning Objectives
- Analyze real-world scenarios to categorize goods into the four types: private goods, public goods, common resources, and club goods based on their characteristics.