Firstly, When do we use the word Tragedy of Commons in exams ?
Secondly, What’s the difference between Common Resources and Tragedy of Commons (as there is seperate headings for both the terms given the ICAI Module) as shown below ?
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Tradegy of commons and Common resources are separate concepts.
Tradegy of commons is simply means using resources excessive without care about society. Example – overfishing from river
Common resources are those which can be use by general public you can think it with public goods
Example – Sir’s example of public garden