Which of the following best explains the 'tragedy of the commons' in resource al

Which of the following best explains the 'tragedy of the commons' in resource allocation? (2023)

Which of the following best explains the 'tragedy of the commons' in resource allocation? (2023)

Step 1: Understand what 'commons' means. Commons are resources that everyone shares, like air, water, or public land.
Step 2: Recognize that each person wants to use as much of the resource as they can for their own benefit.
Step 3: Realize that if everyone acts in their own self-interest, the resource can become overused.
Step 4: Acknowledge that overuse leads to depletion, meaning there is less or no resource left for anyone.
Step 5: Conclude that the 'tragedy of the commons' happens when shared resources are harmed because individuals prioritize their own needs over the common good.

No concepts available.