Describe the fishing market, as it would be in a free market without government intervention, using knowledge of 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 specific economic terminology and concepts learned in this course.
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. Describe this market using the supply and demand graphical model; reference your graph in your description. This should be a discussion without mentioning 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.
Part II – (this draws on public/common goods)
Expand your discussion of the market from Part I, using knowledge of market failures/problems due to different types of goods. Discuss why the market failure occurs using a graph.
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.
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What did you like about the guest speaker presentation?