part 1: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 DO NOT discuss catch shares, only discuss the fishing market without any interventions.part 2: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 graph.Consider catch shares and the positive aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other positive aspects of catch shares that you find through your own research.Requirements: each part should be 2 full pages, without the graph or anything, double-spaced, 1" margins, and size 11 Calibri FONT. Also, a citation page (Chicago style).I have attached the rubric.For each part add a graph in a separate page, so two graphs only A total of 6 pages: 2 pages part one + 2 pages part two + 1 graph page + 1 citation.

Congressional Budget office(CBO) estimates that the budget deficit of the fiscal year 2011 is about $1.3 trillion. The deficit for 2012 was to improve little(around $1.1 trillion). The deficit for 2013 was $680 billion. Finally the deficit reduced to $483 billion for 2014. The federal budget deficit of 2015 was $439 billion. The federal budget deficit of 2016 was $534 billion. The federal budget deficit of 2017 was $668 billion.Your comment has to be more than five(5) sentences for each question based on researched facts and logical analysis to earn the full credit.Q1) Are we going back to the budget deficit cycle again? Is it because of slow recovery, sagging stock market or the war against terror or the president Obama's stimulus policy?(0.5 point)Q2) Although the war against IRAQ was over quick(?), there will be involved with the additional cost after the war including the reconstruction and humanitarian aids , or another war(Afghan) or fighting against ISIS. How does this military cost contribute to our rising budget deficit? (0.5 point)Q3) Will Trump's stimulus package( Spending increase and Tax cut) contribute to another huge budget deficit down the road? Is this TAX CUT with large budget deficit necessary for the economy now( could this policy be overheating the economy or inflationary?) or will it cause another financial danger to haunt US economy soon due to crowding out from these huge deficit? or do you agree with supply- sider that Tax cut can boost economic growth so much to generate tax revenue and this will help reducing deficit and debt? (0.5 point)Q4) To finance current budget deficit, US government relies on T bond sales. The significant portion(over 30%) of T bonds are purchased by foreign governments or capitalists(lately China). What is your opinion about relying on foreign debt to finance US budget deficit? If some foreign countries became unhappy about trade or political matter with US government ( of the new president, Trump) or due to lack of confidence over US T Bond and decided to cash out (sell) US T bonds they are holding, what economic consequence do you expect to be occurred? (0.5 point)Q5) US national debt to its GDP is a little over %100. Japanese national debt to its GDP is getting close to %250. Could this be a potential disaster for the global economy ,since Japanese economy is 3rd largest one in the world? (0.5 point)