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Lecture 11

ECO100:Introduction to Economics-Lecture 11:Common resourcesPremium


Department
Economics
Course Code
ECO100Y5
Professor
Lee Bailey
Lecture
11

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ECO100:Introduction to Economics-Lecture 11:Common resources
What is common resources?
Goods that are
● rivalry
● nonexcludable
Tragedy of the commons
Because of its rivalry and nonexcludability
Rational people consume too much of common resources
Overuse
Other people can’t consume
(external cost)
Solutions (similar to external costs’ solutions)
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