Common Property Resources and Management

The video discusses market failure due to common property resources, using passenger pigeons as an example of extinction caused by overuse. It explains the concept of common property resources, highlighting issues like lack of exclusion and rival consumption. Examples include fisheries and dorms, where shared resources lead to overuse. Historical context is provided with the Tragedy of the Commons and the Enclosure Acts in England. Solutions such as regulations and property rights are proposed to address these issues, ensuring sustainable use of resources.

What is a common property resource?

• A resource that is rival and non-excludable

• A resource that is rival and excludable

• A resource that is non-rival and non-excludable

• A resource that is non-rival and excludable

Why did passenger pigeons become extinct?

• They were over-hunted due to lack of property rights.

• They migrated to another continent.

• They were affected by climate change.

• They were poisoned by industrial waste.

Which of the following is an example of a common property resource?

• A fishery

• A shopping mall

• A private garden

• A public library

What historical event in England highlighted the issues with common property resources?

• The Glorious Revolution

• The Magna Carta

• The Enclosure Acts

• The Industrial Revolution

What is the 'Tragedy of the Commons'?

• A situation where common resources are underused

• A situation where common resources are overused

• A situation where private resources are overused

• A situation where private resources are underused

What is a major problem with common property resources?

• They are always underutilized.

• They are often overused.

• They are easily managed.

• They are not affected by human activity.

How do regulations help in managing common property resources?

• By limiting usage and setting seasons

• By privatizing all resources

• By banning all human activity

• By allowing unrestricted access

Why are cows and chickens not threatened with extinction?

• They are not consumed by humans.

• They have well-established property rights.

• They reproduce very quickly.

• They are protected by international laws.

What was a solution used in England to address the overuse of common lands?

• The establishment of wildlife reserves

• The introduction of new farming techniques

• The Enclosure Acts

• The creation of national parks

What incentive do private owners have to maintain a sustainable breeding stock?

• They face penalties for over-harvesting.

• They benefit from long-term profits.

• They receive government subsidies.

• They are required by law to do so.