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Public goods are non-excludable and non-rivalrous, meaning that they are available to everyone and one person's use does not diminish another's. Common resources are rivalrous but non-excludable, meaning that they can be depleted if overused but are open to all. The distinction impacts management and allocation as public goods may require government intervention to ensure provision, while common resources may require regulations to prevent overuse and depletion. Balancing access and sustainability is crucial for both types of resources in society.

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