Answer :
The fish in the private pond are rival and excludable, whereas the fish in the river are non-rival and not excludable. Fish in the river are an example of a common resource, while fish in a private pond are an example of a private commodity.
What is common-pool resource?
In terms of economics, a common-pool resource (CPR) is a type of good made up of a natural or artificial resource system (such as an irrigation system or fishing grounds) whose size or properties make it expensive, but not impossible, to exclude potential beneficiaries from reaping benefits from its use. Contrary to pure public goods, common pool resources are subtractable, which makes them susceptible to congestion or misuse. Typically, a common-pool resource consists of a core resource (such as water or fish), which defines the stock variable, and a finite number of extractable periphery units, which defines the flow variable. The periphery units can be harvested or consumed, but the main resource needs to be fostered or maintained in order to allow for its ongoing exploitation.
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The fish in the private pond are rival and excludable, whereas the fish in the river are non-rival and not excludable. Fish in the river are an example of a common resource, while fish in a private pond are an example of a private commodity.
What is common-pool resource?
In terms of economics, a common-pool resource (CPR) is a type of good made up of a natural or artificial resource system (such as an irrigation system or fishing grounds) whose size or properties make it expensive, but not impossible, to exclude potential beneficiaries from reaping benefits from its use.
Contrary to pure public goods, common pool resources are subtractable, which makes them susceptible to congestion or misuse. Typically, a common-pool resource consists of a core resource (such as water or fish), which defines the stock variable, and a finite number of extractable periphery units, which defines the flow variable. The periphery units can be harvested or consumed, but the main resource needs to be fostered or maintained in order to allow for its ongoing exploitation.
To learn more about common-pool resource, visit:
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