Explain the concept of common resources.

Explain 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 and their consumption by one person reduces the availability for others. Common resources are typically not owned by anyone and are often shared among a large group or community. Examples of common resources include clean air, fish in the ocean, and public parks. The challenge with common resources is that they are prone to overuse or depletion due to the lack of ownership and the difficulty in excluding individuals from using them. This often leads to the tragedy of the commons, where individuals act in their own self-interest and deplete the resource, resulting in its degradation or depletion.