Consider a remote village with a limited,freely available water supply and no government intervention in the allocation of water.In economics,the resulting outcome of a situation such as this is often referred to as

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The tragedy of the commons refers to the situation where a shared resource, such as the limited water supply in the village, is overused and depleted because individuals act in their own self-interest rather than considering the long-term sustainability of the resource. In the absence of government intervention or regulations, individuals may continue to use the water to the point where it becomes insufficient for the needs of the whole community.

Consider a Remote Village with a Limited,freely Available Water Supply