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

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

Options:

  1. Shared resources are overused and depleted due to individual self-interest.
  2. Resources are allocated based on collective agreement.
  3. All individuals benefit equally from shared resources.
  4. Resources are managed effectively by a governing body.

Correct Answer: Shared resources are overused and depleted due to individual self-interest.

Exam Year: 2023

Solution: 

The \'tragedy of the commons\' describes a situation where shared resources are overused and depleted due to individual self-interest, making option 0 the correct explanation.

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

Practice Questions

Q1
Which of the following best explains the 'tragedy of the commons' in resource allocation? (2023)
  1. Shared resources are overused and depleted due to individual self-interest.
  2. Resources are allocated based on collective agreement.
  3. All individuals benefit equally from shared resources.
  4. Resources are managed effectively by a governing body.

Questions & Step-by-Step Solutions

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.
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