Imagine a 200 hectare park with picnic benches, trees, and a pond. Suppose it is publicly owned, and people are invited to enjoy its beauty. Of course, when the weather is nice it is difficult to find parking, and the rubbish bins overflow with food wrappers on summer afternoons. Otherwise, it is a great place. The park is a common resource because

Question

Quizplus · Accepted Answer

The park is a common resource because it is subject to the tragedy of the commons, where one person's use can prevent others from using it. This is illustrated by the difficulty in finding parking and the overflowing rubbish bins, which are negative externalities. The fact that it is publicly owned and not fenced control access also supports its classification as a common resource. The car being a private good is not relevant to whether the park is a common resource.

Imagine a 200 Hectare Park with Picnic Benches, Trees, and a Pond