Describe the concept of common resources.

Describe the concept of common resources.

Common resources are goods or services that are non-excludable but rivalrous in consumption. This means that they are available for use by anyone in the public, and one person's use of the resource diminishes its availability for others. Common resources are typically not owned by any individual or entity, and they are often subject to overuse or depletion due to the lack of property rights or regulations. Examples of common resources include clean air, fish in the ocean, and public parks. The concept of common resources highlights the challenge of managing and preserving these resources for the benefit of society as a whole.