Asked by sajjad sayyah on May 19, 2024
Verified
What particular characteristic do private goods and common resources have in common?
Private Goods
Goods that are excludable and rivalrous, meaning one person's consumption prevents another's and consuming the good diminishes its availability for others.
Common Resources
Resources that are accessible to all members of a community but are susceptible to overuse and depletion, such as air, water, and fish in the ocean.
- Identify the differences between private goods, public goods, common resources, and club goods.
Verified Answer
NA
naman ahujaMay 25, 2024
Final Answer :
Private goods and common resources are both rival in consumption.
Learning Objectives
- Identify the differences between private goods, public goods, common resources, and club goods.