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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 later drafts. DO NOT discuss catch shares, only discuss the fishing market without any interventions.
Use economic terminology to discuss the market and scarcity. Make sure to include a citation page with references. No plagiarism.
(This draws on opportunity cost (Ch 1) and markets (Ch 3))