Part I - (this draws on Scarcity (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.

Part II - (this draws onNegative Externality (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. Discuss why market failure occurs and include the correct economic graph (you must discuss, describe, and reference the graph in your paper).

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.