Without regulation, people will just consume more than what they need (A's activity and B's activity increases total activity) leading to the resource depleting at a faster rate than it can replace itself (Gain per individual activity decreases).

Eventually there will be no resources left behind (Resource limit is reached), causing a tragedy.

Main sector: Fishing industry

• Earnings from the fishing industry halved

• Combined earnings from all other fishes was about equal to the cod fishery alone

Social:

• Single largest mass layoff in Canadian history

• Around 30,000 fishermen and plant workers were put of of work and hundreds of coastal communities were disrupted

If Newfoundland were to face any other factors like hostile neighbors, or an ineffective government, they are not far from societal collapse.

However, the nature of their fishing habits and smaller tools limits their intentions and abilities to overfish singly.

1. Exclusive access to Canadian seas (UN Law of Sea Convention: 200 mile exclusive fishing zones around countries)

2. Technological improvements in fishing infrastructure: Large gill-nets that can net 25,000 pounds of fish at once

Contribution to overfishing:

More Canadians saw fishing at Newfoundland as a profitable business, causing the number of Canadian draggers and their catch size to increase rapidly over the next few years.

On top of having technological capabilities, foreign vessels blatantly exceed catch quotas and treaty agreements, depleting the cod fish populations at an even faster rate

Newfoundland ran out of fishes, and no one can benefit from this resource anymore, exhibiting "Tragedy of the Commons".