Microeconomics Describe Fishing Market
In recent years the world has witnessed a strenuous debate on the sustainability of various commercial fisheries. Microeconomics involves the decisions people make regarding the small scale production and entirely on the fisheries market. The marketing of fish has changed rapidly in a short period of time. The core people in the market have been facing a hard time on what decision to make to create sustainability and the balance between demand and supply. It has been hard to work with the demand and supply curves to stabilize the fisheries market[1]. The fisheries demand curve has been affected by things like trends and tastes of customers, prices of various markets around the world, and the income levels. It is good to be able to identify a problem, make decisions to solve them, but the fisheries market is sinking every day.
The world’s population has increased, and so does income levels, and so many people can afford fish, so the demand for fish is high. The other thing is about markets in other parts of the world; prices may vary around the world depending on the availability of fish. Trends and tastes in the fisheries market refer to the type of fish which is preferred in certain areas, some tastes of fish are better[2]. These also apply to supply; in the current date, the supply curve is being affected by new technologies, government policies, and the production costs. Availability and the sustainability of the fisheries market depend on the supply of fish[3]
The main thing here is the decisions the fisheries market in order to sustain the availability and the sustainability of the small scale and the large scale as well. The fisheries market has faced a limited supply of fish because mostly the ecosystem has been overfished. Governments have imposed policies on fishing making it hard to fish in some waters. The prices of some species of fish have gone high, and some are becoming extinct. Supply is becoming a problem, even on a small scale. Production costs on a small scale is also a problem. A lot of fish are some areas that go bad because of a lack of good storage and lack of transport. The fisheries industry is generally facing a lot of problems.
Various decisions have to be made to bring the fisheries market back to its feet. First, it is good to regenerate our oceans by making decisions to stop the overfishing of small fish. This can be done by imposing tougher measures on the fishing industry. It is also good to increase the small scale rearing of fish and motivating farmers to apply the newest ways. It is good to just apply the commonly accepted principles of fishery science so as to consider the impacts of price flexibility for the long term sustainability of the fishery industry in a world which has an increasing demand because of the rising economy and population[4]. Good transport, good storage facilities, and education are all local farmers need to start nourishing the fisheries market. Supply is all that the world needs to revive. Overharvesting needs to be addressed to bring some of the almost extinct species back to the world waters[5]. Balancing supply has been a problem; some of the areas have an extreme supply of fish while others are facing limited supply. There is a need to find better ways of making fish grown locally rich in various parts of the world. The decisions made for balancing demand and supply in the fisheries market are tough.
References
Fryxell, John M., Ray Hilborn, Carling Bieg, Katrine Turgeon, Amanda Caskenette, and Kevin S. McCann. “Supply and demand drive a critical transition to dysfunctional fisheries.” Proceedings of the National Academy of Sciences 114, no. 46 (2017): 12333- 12337.
Winston, Clifford. Government failure versus market failure: Microeconomics policy research and government performance. Brookings Institution Press, 2007.
Funicello, Suzanne, Michael L. Weber, and Robert Wieland. Fish, markets, and fishermen: the economics of overfishing. Island Press, 2012.
[1] Iudicello, Suzanne, Michael L. Weber, and Robert Wieland. Fish, markets, and fishermen: the economics of overfishing. Island Press, 2012.
[2] Iudicello, Suzanne, Michael L. Weber, and Robert Wieland. Fish, markets, and fishermen: the economics of overfishing. Island Press, 2012.
[3] Winston, Clifford. Government failure versus market failure: Microeconomics policy research and government performance. Brookings Institution Press, 2007.
[4] Fryxell, John M., Ray Hilborn, Carling Bieg, Katrine Turgeon, Amanda Caskenette, and Kevin McCann. “Supply and demand drive a critical transition to dysfunctional fisheries.” Proceedings of the National Academy of Sciences 114, no. 46 (2017): 12333-12337.
[5] Winston, Clifford. Government failure versus market failure: Microeconomics policy research and government performance. Brookings Institution Press, 2007.