Asked by Ashreet Dhiman on May 10, 2024
Verified
Common resource is another term for public good.
Common Resource
A resource like air or water that is accessible to all but is susceptible to overuse and depletion because it is not privately owned.
Public Good
Goods or services that are made available to the entire society for free, by the government or a private organization or individual, not aimed at generating profit.
- Contrast common resources with public goods to distinguish between the two.
Verified Answer
BT
Brenda TorreMay 12, 2024
Final Answer :
False
Explanation :
A common resource is a type of good that is rivalrous but non-excludable, meaning its use by one person diminishes its availability to others, but it's difficult to prevent anyone from using it. A public good, on the other hand, is both non-rivalrous and non-excludable, meaning one person's use does not reduce its availability to others, and no one can be effectively excluded from using it.
Learning Objectives
- Contrast common resources with public goods to distinguish between the two.
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