Land Is the Term Used for Inputs That Are Not

question 4

True/False

Land is the term used for inputs that are not owned by businesses and households.

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Definitions:

Tragedy of the Commons

A situation in which individual users, acting independently according to their self-interest, behave contrary to the common good of all users by depleting or spoiling shared resources.

Grazing Permits

Licenses issued by government or property owners allowing livestock to graze on land.

Internalize the Externality

The process whereby parties take into account the external costs or benefits of their actions, often through regulatory or market-based mechanisms.

Tragedy of the Commons

A situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource.