In order to be enrolled in this class some things were given up. One thing that was given up was time.
My time was given up because any course you take requires you to read, study, or do homework.
Another thing that I gave up enrolling in this course was being able to purchase tints for my car window.
This is because I had to pay for the course, and the software to be able to complete the coursework.
The tragedy of the commons is an economic theory of a situation in which individuals act upon their
own self-interest to reap the greatest benefit from a given resource. Every individual who consumes an
additional unit directly harm others who can no longer reap benefits from that resource. For example,
the garbage in the oceans have begun to accumulate near the center of circular currents. The ocean is a
shared resource for many different countries so there is no single authority over it. So, the destruction
of ocean ecosystems because of garbage is likely to affect every person on the planet as these pollutants
cycle through the food chain.
I also think that the tragedy of commons go hand in hand with supply and demand. The effects of the
tragedy of commons can cause the demand of a resource to engulf the supply. When demand is high for
a limited amount of goods, scarcity is present. Houston, Texas just experienced scarcity just recently.
Natural disasters normally cause demand for things such as water, food, and shelter to quickly rise. The
high demand for these things quickly outweigh the available supply. Which lead to inflation on certain
goods. According to the CNBC news, there were over 500 complaints about price jumps during the
weekend of the hurricane. The report included that cases of water was 99$, hotels tripled their price,
and gas had quadrupled.
https://www.cnbc.com/2017/08/28/price-gouging-during-hurricane-harvey-up–to–99-for-a-case-of–
water-texas-ag-says.html