Common Access Resources and Sustainability

Flashcards focusing on vocabulary related to common access resources, sustainability, and the implications of overconsumption.

Common access resources

Natural resources over which there is not established private ownership --> They are non-excludable, but rivalrous

Rivalrous

The consumption of a resource reduces the amount available for others to use.

Non-excludable

It is impossible to prevent non-payers from benefitting from the resource.

Tragedy of the commons

A situation where degradation, depletion or destruction of a common access resource is caused by rivalry and over-consumption.

Negative externalities of production

Costs incurred by third parties who are not involved in the production process, often related to sustainability threats.

International co-operation

Collaboration between nations to combat market failures and threats to sustainability on a global level.

Sustainable Development Goals (SDGs)

An international agreement between 193 countries aimed at addressing global sustainability issues.

Degradation

The process of damage or deterioration of common access resources.