Commons Good

Definition

A commons good refers to a type of resource that is non-excludable but rivalrous in consumption. This means that anyone can access and use the resource, but one person's use diminishes its availability for others.

Related terms

Tragedy of the Commons: This term describes the phenomenon where individuals exploit and deplete a commons good due to self-interest, leading to its eventual degradation or depletion.

Low-congestion Good: A low-congestion good is a type of commons good where consumption by one individual does not significantly reduce its availability for others. Examples include clean air or radio broadcasts.

Excludability: Excludability refers to the ability to prevent someone from using or accessing a particular good or resource. It determines whether a good is private (excludable) or public (non-excludable).