Monitoring the Use of Resources Will Help You to Know

question 1

True/False

Monitoring the use of resources will help you to know not only what but when to order resources, and will also ensure that you have been able to order extra for yourself.

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Definitions:

Excludable

Describes a good or service for which it is possible to prevent non-paying consumers from access, through mechanisms like price or physical restrictions.

Public Good

A product or service that is made available to all members of a society, typically free of charge, and which no individual can be excluded from using.

Common Resource

A shared resource that multiple parties can access and use, which often leads to overuse and depletion due to a lack of exclusive ownership.

Positive Externality

A benefit that affects a party who did not choose to incur that benefit, often associated with public goods or services that extend beyond the direct participants in an economic activity.