Practise IB Economics SL 2.8.4 by defining common pool resources, explaining how absent price mechanisms cause depletion, and analysing resulting market failure with marked exam evidence.
Explain why the exploitation of common access resources, such as uncontrolled fishing, might pose a threat to sustainability.
Answers may include:
- definitions of common access resources and sustainability
- diagram to show the negative externality associated with common access resources and/or demand and supply diagram
- explanation of why the exploitation of common access resources, such as uncontrolled fishing, might pose a threat to sustainability
- examples of the over-exploitation of common access resources.
Assessment Criteria
Level 0 (0 marks): The work does not meet a standard described by the descriptors below.
Level 1 (1-3 marks): There is little understanding of the specific demands of the question. Relevant economic terms are not defined. There is very little knowledge of relevant economic theory.
Level 2 (4-6 marks): There is some understanding of the specific demands of the question. Some relevant economic terms are defined. There is some knowledge of relevant economic theory.
Level 3 (7-8 marks): There is understanding of the specific demands of the question. Relevant economic theory is explained and applied. Where appropriate, diagrams are included and applied. Where appropriate, examples are used. There are few errors.
Level 4 (9-10 marks): There is understanding of the specific demands of the question. Relevant economic terms are clearly defined. Relevant economic theory is clearly explained and applied. Where appropriate, diagrams are included and applied effectively. Where appropriate, examples are used effectively.