If you build an amusement park that abuts to a national forest and this park damages the adjacent national forest is this a tragedy of the commons situation
If you build an amusement park that abuts to a national forest and this park damages the adjacent national forest is this a tragedy of the commons situation
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Externalities
Section10.2: Public Policies Toward Externalities
Problem 2QQ
Related questions
Question
If you build an amusement park that abuts to a national forest and this park damages the adjacent national forest is this a tragedy of the commons situation?
Expert Solution
Step 1
The tragedy of the commons situation in economics can be understood when the individuals neglect the welfare (well-being) of the society in order to enjoy personal gains. This means in order to pursue personal benefit, an individual does not consider the harm it causes to society.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning