Question

When individual fishing boats harvest more fish each year in order to maximize profits while, as a result, threatening the fish population with extinction, it is called:

a public goods dilemma.
the tragedy of the commons.
relative deprivation.
sustainable consumption.
competition.

Answer 1

The correct answer is ‘the tragedy of the commons’.

The tragedy of the commons is a problem where overexploitation of resources for personal interest starts impacting collective interests. It can be better understood when individual fishing boats start harvesting more fish each year just to maximize their profits; whereas, overlooking or threatening the overall fish population. So basically it is an economic problem where individual users start behaving in contrary to the common good of all users in accordance to their own self-interest.

Answer 2

The answer to the question presented above would be the tragedy of the commons. When individual fishing boats harvest more fish each year in order to maximize profits while, as a result, threatening the fish population with extinction, it is called tragedy of the commons.