The Concept of Economics For Common GoodThe Concept of Economics For Common Good

Economics is considered as one of the most important forms of the social science. The main concern of Economics is with the production, distribution as well as consumption of the goods and services. It also tells that how different organizations, government sectors, and nations use the different kinds of resources for their welfare. Moreover, it also tells us the best ways and techniques to maximize the outputs as an individual as well as a nation. The Economics tells us the best ways to enhance our production level with the help of the deductive process that uses the mathematical logic. As a student, if you are not able to write any kind of the academic paper related to Economics, then you can get help from the academic writing services.Concept of EconomicsIf we talk about the common goods in Economics, then we come to know that the goods that are non-excludable are known as the common goods. There are two main qualities of these common goods. The first quality of that common goods is that it is necessary for the human beings to use these things. The second quality of the common goods is that if a person uses the common goods, then its value will be decreased. Moreover, these common goods also have limited abundance. If a person is using these common goods more than the other people, then it is difficult for us to stop him to use the unlimited quantities. The most important examples of the common goods are given below;

1)    Wildlife

In the wildlife, the most important common good is a fish in the ocean. If we read out the history about these fishes, then we come to know that most of the fishes have gone to extinct due to overhunting.

2)    Air

The air that we use for the consumption also comes into the common goods.

3)    Atmosphere

The atmosphere around us is also an example of common goods. We are affecting the atmosphere by throwing garbage and another kind of waste products.

4)    Water

Water is an essential element to live in this world. This water also comes into the common goods. Nowadays, most of the people are not able to drink the fresh water.

5)    Land

The land-based resources also comes into the common goods. In these resources, there comes the fertile soil and other kinds of the mineral deposits.

6)    Ecosystems

Two or more than two species that are living together by coordinating each other make an ecosystem. The most important examples of the ecosystems are the forests and coral reefs.

Read More: Skills That Will Never Let You Fail in Assignment

There are a lot of people who are not able to differentiate between the common goods and public goods. The simplest difference between the common goods and public goods is that the common goods are non-excludable whereas public goods are excludable. On the other hand, if we talk about their consumption criteria, then we come to know that there is no need to purchase the common goods before their consumption. On the other, if we talk about the public goods, then we come to know that we will have to purchase these goods before their consumption.