Examlex
Examine the theory of mercantilism. How did this policy shape the British imperial system (of which the colonies were a part)?
Common Resources
Resources that are accessible to all members of a society but are susceptible to overutilization and depletion.
Private Good
A product or service that is excludable and rival in consumption, meaning only those who pay for it can consume it, and one person’s consumption prevents another's.
Common Resource
A type of good that is non-excludable but rivalrous, meaning it's available to everyone but its consumption by one individual diminishes its availability for others.
Tragedy of the Commons
A situation where individual users, acting independently according to their own self-interest, deplete or spoil shared resources, even though it is not in anyone's long-term interest.
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