Running head: THE ECONOMICS OF THE FISHING MARKETTHE ECONOMICS OF THE FISHING MARKETName:Institution affiliation:Date:1THE ECONOMICS OF THE FISHING MARKET2THE ECONOMICS OF THE FISHING MARKETIntroductionHuman beings in any sector have unlimited needs. For the needs to be satisfied, resourcesare required. Resources are limited hence it is not for all human needs to be satisfied. As a result,decisions must be made on what needs to be satisfied and which one should be left out (TheEconomist 2012). A priority list should be prepared and important needs should be placed on thetop of the priority list. Those needs on the bottom of the priority list will be left out. The alternativeforgone is the opportunity cost.Marginal analysisMarginal analysis entails the additional benefits and costs associated with a business orfinancial decision. In the fishing market, a consumer may analyze the benefit of buying anadditional fish and the cost associated with the purchase. If the marginal benefit exceeds themarginal cost, the consumer will continue to buy additional fish until the marginal benefit is equalto the marginal cost. At that point, additional fish will have no additional benefit.Opportunity costFish consumers have various needs to satisfy. Because they have limited money and theirneeds are unlimited, they must forego some needs in order to buy fish. For instance, they mayforego other protein-rich foods like eggs and beef in order to buy fish. In such ...
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