Common goods (also referred to as common resources or common pool-resources) are resources that are available to all people in a society. Common goods have two traits that distinguish them from other goods in economics.

• Non-excludable: like public goods, no one is excluded from using common goods.

• Rivalrous: Similar to private goods, common goods are scarce, meaning each addition usage of to that resource reduces the amount of that resource that is available.

Common goods are often environmental resources. Due to their non-excludable, rivalrous nature, they are frequently at risk of depletion to varying degrees. They are free to use and carry financial incentives when they are unregulated.

The term used when common goods are mismanaged and overused is "Tragedy of the Commons." It is the misuse of common goods.  When the level of use of a common good outweighs the future yield of that good, it falls below the sustainable level, as a result, that good will become a scarce resource for future generations or possible non-existent. Some examples of Tragedy of The Commons are:

• Tree cutting: Trees are used for a variety of purposes including charcoal, paper, and wood.  They are also cut down to make way for farmland and the expansion of cities and towns.

• Overfishing: In international waters and underdeveloped nations (that lack regulations or the powers to implement regulations), often face overfishing. This is due to fish being a valuable resource, without proper regulations that ensure the fish can reproduce at a sustainable level, the population of fish will continue to dwindle for future generations of fishermen.

• Water: As the saying goes, "water is the essence of life". Nothing can live without water. For that reason, keeping an abundant level of fresh water is paramount for survival. Unfortunately, due to water being a common good, water sources are often polluted or used unsustainably for farming and other activities.

• Clean Air: It may seem odd to consider clean air a scarce resource since it seems like an infinite resource. But in reality, where air itself may be infinite, clean air is a finite resource. This is due to the fact that when air pollution increases, there is less oxygen or clean air available. Protecting the environment and ensuring clean air for future generations is of the upmost importance.

• Overgrazing: Common grazing grounds are areas where all members of a community can graze their livestock. There is less forge for all of the heads of livestock per extra head of livestock. The forge will be depleted due to overgrazing if no regulations are implemented.

The solution to the overuse of common goods is an intervention at the community level and governmental regulations to ensure the goods are enjoyed by all sustainably.