Define the tragedy of the commons. Give three examples of common pool resources. Briefly explain why common pool resources are subject to overuse

What will be an ideal response?

The tragedy of the commons refers to situations where common pool resources are subject to overuse and depletion. Examples include forest land, pasture land, fish in the ocean, rhinos in the wild, and space on a public beach. Common pool resources are subject to overuse because each individual fully captures the private benefit of using the resource but only bears part of the cost of using the resource. As a result, each individual has no incentive to maintain the quality or purity of the resource.