The Model Used to Explain Why Communities May Over-Exploit Shared

question 47

Multiple Choice

The model used to explain why communities may over-exploit shared environmental resources even when they know that it may be against their long-term interests is known as

• A) slash-and-burn agriculture.
• B) privatization.
• C) the "tragedy of the commons."
• D) "exploit and move on."

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Definitions:

Good X

A generic term often used in economic models to represent a specific product or commodity in the market.

Market Baskets

A collection of goods and services used as a standard way of tracking the cost of living or inflation over time.

Preferences

In economics, this refers to the ordering of alternatives based on their utility, showing the subjective tastes and choices of individuals.

Complete

Fully accomplished or having all necessary parts or steps.