Name Professor’s Name Subject Title Date The Tragedy of the Commons Definition This is an economic problem where every person tries to gain and reap the most significant benefit from any given resource. The tragedy of the common is a situation which occurs when a person neglects the well-being of the entire society for personal gains only. This economic problem occurs when the demand of a particular service or products overwhelms the supply of the same, and the consumption of an additional unit of the resource directly affects the other person negatively where the person is not in a position to enjoy the benefit of the resource. This economic problem is as a result of the increased human...
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