IB Economics HL 2.8.3 Common pool resources

IB Economics guide, first assessment 2022

Start with rival consumption and difficulty excluding users, then trace private exploitation beyond the social optimum through depletion, external costs and weak rationing…

How this is tested

Define common pool resources as rivalrous and non-excludable in consumption.
Use an externality diagram to show market overuse beyond the socially optimal output.
Explain depletion through absent pricing, weak incentives and the tragedy of the commons.

[Maximum number: 2]

Table 1 shows information from the balance of payments for Chile for each quarter (3-month period) of 2021.

$Table 1: Balance of payments for Chile in millions of US dollars (US\$) in 2021$

Table 1: Balance of payments for Chile in millions of US dollars (US\$) in 2021

Define the term common access resources.

How this is tested

Question 1(a)(vii)