Question

Oceans cover approximately 71% of Earth’s surface and contain 97% of the total water resources of the planet. The oceans are considered a common property resource; that is, no one country owns the world’s oceans or controls the resources found in them. As a result, oceans are often subject to the tragedy of the commons—the idea that if a resource is held in common for use by all, then ultimately that resource will be destroyed. Individuals, countries, or corporations often have little incentive to preserve or protect the ocean’s resources.
However, countries with ocean or sea borders do have some control over a limited area extending into the ocean from their coastal borders. The United Nations Convention on the Law of the Sea was signed on December 10, 1982. According to it, each coastal country’s sovereign territorial waters extend to a maximum of 22 kilometers (12 nautical miles) beyond its coast. Beyond these territorial waters, every coastal country can establish an exclusive economic zone (EEZ) extending 370 kilometers (200 nautical miles) from shore. Within the EEZ, a coastal country has the right to exploit and regulate fisheries, construct artificial islands and installations, use the zone for other economic purposes, and regulate scientific research by foreign vessels. Every coastal country has exclusive rights to the oil, gas, and other natural resources in the seabed up to 200 nautical miles from shore.

In 3-5 sentences explain the idea of the oceans being a common property resource and what has been done to help regulate this.

Answer 1

Answer:

A lot of people have had the idea of wanting to live on the water. EEZ has made this possible. These EEZ's is what helps regulate this processs.