Describe the concept of common resources.

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Describe the concept of common resources.

Common resources are goods or services that are non-excludable and rivalrous in nature. This means that they are available for use by multiple individuals or groups, and one person's use of the resource diminishes its availability for others. Common resources are typically not owned by anyone and are accessible to all members of a society. Examples of common resources include clean air, water bodies, fish stocks, and public parks. The use of common resources often leads to the problem of overuse or depletion, as individuals have an incentive to exploit the resource for their own benefit without considering the long-term consequences.