Chapter 5.1 Flashcards
1
Q
Common pool resources
A
Resources that are not owned by anyone, do not have a price and are available for anyone to use without payment or any other restriction
2
Q
Rivalrous
A
Consumption by one person reduces its availability for someone else
3
Q
Excludable
A
It is possible to exclude people from using the good
4
Q
Non-excludable
A
It isn’t possible to exclude someone from using a good or resource
5
Q
Common pool resources are __ and __
A
Rivalrous, non-excludable
6
Q
Tragedy of the commons
A
A story about how herders overgrazed on a pasture, eventually leading to no grass and eroded soil so no one could use the common pool resource anymore
7
Q
Unsustainable production
A
Production that uses resources unsustainably, depleting or degrading them
