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