Listen The idea that common goods and resources that everyone has access to are often misused and exploited refers to what? Tragedy of the commons. Free rider problem. Market mechanism. Government failure.

The "Tragedy of the Commons" is a concept introduced by ecologist Garrett Hardin in 1968. It illustrates how individuals, driven by their own self-interest, tend to deplete shared resources, leading to long-term negative consequences for the community and the environment. This phenomenon explains why common goods like fisheries, forests, and even public pastures can be overused and damaged, causing scarcity for all. In real-world applications, the Tragedy of the Commons can be seen in climate change and overfishing. For example, when fishermen catch fish without restrictions, the fish population declines, adversely affecting the entire ecosystem and future fishing opportunities. Sustainable practices and regulations, like catch limits or marine protected areas, are essential to overcoming this challenge and ensuring long-term access to these valuable resources.