Some resources are private and others are common. Define a common resource, explain the definition, and provide an example of a private resource and a common resource

What will be an ideal response?

A common resource is rival and nonexcludable. Because the resource is rival, if one person uses some of the resource, the person decreases the quantity available for other people to use. And because the resource is nonexcludable, it is not possible to prevent someone from using the resource. An example of a private resource is a gold mine: This resource is rival but is excludable. It is rival because one persons' use of the gold decreases the quantity available for other people. And it is excludable because the owner of the gold mine can keep anyone out of the mine that he or she wants to keep out of the mine. An example of a common resource is fish in the ocean. This resource is rival and nonexcludable. It is rival because one person's catch of a fish decreases the catch of other people. And it is nonexcludable because a fisherman cannot keep anyone from fishing in the river, lake, or ocean.