Tragedy of the Commons: What is the tragedy of the commons?

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Tragedy of the Commons
What is the tragedy of the commons?
It is a situation whereby there exists a resource that everyone is supposed to partake in its utilization; however, there are others who partake in it more than others. This results in some people getting a lower chance to partake in it than others. Therefore, the tragedy comes in where the individuals exploit the resources since there are no regulations to control its utilization amongst the people. What ensues is exploitation, which diminishes or depletes the resource, which subsequently brings about suffering for these same people (Hardin). It, therefore, presents more of a man-eat-man economic problem. The relevance of this is that there needs to be some form of control or regulation regarding the exploitation of resources. This is only possible if there is a distribution system that is workable, inclusive, but at the same time, nonpunitive to the resource.
How might it apply ...