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What are controlling accounts and subsidiary ledgers? What is the relationship between them?
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.
Excludable
A characteristic of a good or service that means it can be restricted to only those who pay for it; the opposite of a public or non-excludable good.
Rival in Consumption
A characteristic of goods where one individual's consumption prevents or decreases others' ability to consume the same good.
Corrective Tax
A tax designed to correct market outcomes by accounting for externalities, encouraging more efficient allocation of resources.
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