Economics
University of South Florida Microeconomics Fishing Market Case Study

University of South Florida

Question Description

I need help with a Economics question. All explanations and answers will be used to help me learn.

You should write the paper as a cohesive whole; do not include section headers.

Part I - (this draws on opportunity cost (Ch 1) and markets (Ch 3))

Describe the fishing market using what you have learned about scarcity, marginal analysis in decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of this as an explanation of the pros and cons of the market using economic terminology.

Describe the benefits and costs but leave the discussion of catch shares and other solutions to the problems in this market for the next part. DO NOT discuss catch shares, only discuss the fishing market without this intervention. Feel free to use any stats or data that you find through your own research - make sure you use econ terminology.

Part II - (this draws on public/common goods (Ch 5) to improve the argument made in Part I)

Expand your discussion of the market from Part I, using what you have learned about market failures/problems and the feedback you received. Discuss why the market failure occurs and include the correct economic graph (you must discuss, describe, and reference the graph in your paper).

Now consider catch shares and the helpful aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other beneficial aspects of catch shares that you find through your own research - make sure you use econ terminology throughout.

double-spaced, 1" margins, and size 12 Times New Roman FONT

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should write the paper as a cohesive whole; do not include section headers. Please ask if have any question . Part I - (this draws on opportunity cost (Ch 1) and markets (Ch 3)) Describe the fishing market using what you have learned about scarcity, marginal analysis in decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of this as an explanation of the pros and cons of the market using economic terminology. Describe the benefits and costs but leave the discussion of catch shares and other solutions to the problems in this market for the next part. DO NOT discuss catch shares, only discuss the fishing market without this intervention. Feel free to use any stats or data that you find through your own research - make sure you use econ terminology. Part II - (this draws on public/common goods (Ch 5) to improve the argument made in Part I) Expand your discussion of the market from Part I, using what you have learned about market failures/problems and the feedback you received. Discuss why the market failure occurs and include the correct economic graph (you must discuss, describe, and reference the graph in your paper). Now consider catch shares and the helpful aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other beneficial aspects of catch shares that you find through your own research make sure you use econ terminology throughout. The body of the text (NO header/footers/by lines, separate - title/graph/bibliography page) must be at least 4 full pages (it is best if you write onto the fifth page to be sure you meet the minimum),. Only use in-line citations with the author and the year in parentheses at the end of the sentence; do not include citations in the footers. The full citation should be given on the bibliography page only. Make sure to include a title page and an updated bibliography page (both should be on their own pages and not share a page with the body of the text). Graphs/Charts/Figures/Bibliography should be at the very end of the text and are not included in page count. double-spaced, 1" margins, and size 12 Times New Roman FONT Chicago style format : https://www.chicagomanualofstyle.org/tools_citationguide/citationguide-2.html this link will help. Here are some citations: Bibliography "Cod is Dead”. (Season 1, Episode 6). Rotten." Directed by David Mettler. Netflix. January 5, 2018. “A Rising Tide.” Economist . The Economist, 2008. https://www.economist.com/science-andtechnology/2008/09/18/a-rising-tide. “How Catch Shares Work.” Environmental Defense Fund, n.d. https://www.edf.org/oceans/howcatch-shares-work-promising-solution. “How to Stop Fishermen Fishing.” The Economist. The Economist Newspaper, February 25, 2012. https://www.economist.com/node/21548240/print. “See for Yourself How Catch Share Programs Affect Fish Stocks, Fishing Businesses, and Local Communities.” Measuring the Effects of Catch Shares. Accessed February 18, 2020. https://www.catchshareindicators.org/home/. Leschin-Hoar, Clare. “Study: Program To Protect Fish Is Saving Fishermen's Lives, Too.” NPR. NPR, February 16, 2016. https://www.npr.org/sections/thesalt/2016/02/16/466612148/study-program-to-protectfish-is-saving-fishermens-lives-too. Morton, Ted. “Fisheries Bills Would Increase Risk of Overfishing in U.S. Waters.” The Pew Charitable Trusts, 2017. https://www.pewtrusts.org/en/research-andanalysis/articles/2017/12/12/fisheries-bills-would-increase-risk-of-overfishing-in-uswaters. Safina, Carl. “A Future for U.S. Fisheries.” Issues in Science and Technology, June 19, 2019. https://issues.org/safina-4/. ...
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Final Answer

Attached.

Running head: FISHING MARKET

1

Fishing Market
Student Name
Institution Affiliation

FISHING MARKET

2

Fishing Market
Part 1
Fish is a type of trade that is widely carried out mostly as frozen food, less as slowly dried
or canned food. Fishing trade has been inspired by the prevailing economic conditions in the
market of consumers as well as the benefit it has on human health if they were consumed. As a
reaction to the recent high prices, fish production from aquaculture positively influences on the
supply and prices of customers.
Fishing is facilitated by the subsidies from the government without which a number of
fishing grounds in the high seas would not have been profitable at the current rates of fishing. The
fishing pattern profitably varies between different countries, various fishing types alongside the
proximity to the harbor (Flaccavento, 2016). Deep-sea trawling is always associated with net
economic benefits which are the fruits of subsidies, and more fishing in the largest fishing fleets
of the world will yield little or no profits where there are high costs of labor and lack of subsidies.
While the ecological effects of fishing wasters which are past national control have been
studied on a wider perspective, the economic foundation is more difficult to establish because of
the scarcity of data on revenues and costs of convoys that are responsible for fishing there. The
latest satellite data to be compiled as well as machine learning helps in tracking individual vessels
of fishing in real-time. Technological developments help us in qualifying the fishing efforts of
high seas, its benefits along with costs and evaluate if fishing makes an economic sense and where
the same fishing makes an impact economically.
The fishing market is one of the most important markets in the US as well as other parts of
the world since it is appropriately known that products of fishing are consumed by so many people
worldwide. The purpose of this paper is to designate the fishing industry based on the knowledge

FISHING MARKET

3

that was gained on opportunity cost as well as the marginal analysis used in making decisions and
markets. The fishing market has a very low opportunity cost in comparison to other markets. In
this setting, opportunity cost signifies all the benefits that businesses or investors often lose in the
process of choosing an option over another. This may happen owing to the fact that fishing industry
is one of the most promising markets to extend on that where it is chosen by an individual or any
investor he is likely not to regret since the opportunity cost is very low.
Even in a situation where demand is reduced, this will result in replenishing the stocks of
fish. Still, the supply can be directly targeted, for example, by offering a farmer of fish with
subsidies (Dufeu, 2018). Nevertheless, this is likely to consume a lot of time as the resources that
are used are usually scarce as well as time that could have been spent somewhere else. A
combination of the things above can be the most operative at the end of the day if a lot of emphasis
is put on reducing the amount of fish assumed. The case of fish offers a significant highlight to
two primary strategies to mitigate the failures of the market, either through changing performance
through the use of price mechanism even avoiding the price mechanism as well as the imposition
of various solutions through legislation.
Marginal benefits and costs are a significant part of economics since they help in providing a
respective measurement of benefits and costs at a certain level of production along with
consumption. Where we fail to realize it, we make various decisions basing on our marginal
assessments of the options, what it costs in producing fish one more unit and also the benefits that
will come with acquiring one more unit.
Several pros are associated with the fishing market with include creation of new
employment opportunities, provision of a new set of skills, it helps in boosting the economy.
Moreover, it helps in meeting the growing demand for food, m...

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