Unit Code: TDF400

Unit Name: Fisheries Economics

Description: In this unit students will be introduced to fisheries economics, basic economic terminologies - micro and macro economics, positive and normative economics, environmental economics, resources, scarcity, farm - firm relationship, production etc. Micro Economics- theories of demand and supply; market - equilibrium price, consumption, utility, consumers surplus. Elasticity - price, income, cross, application of elasticity in fisheries managerial decision. Farm production economics - production functions in capture and culture fisheries. Factors of production, marginal cost and return, law of diminishing marginal returns, returns to scale, economies of scale and scope. Factors of production, revenue, profit maximization, measurement of technological change, farm planning and budgeting. Preparation of enterprise budget for integrated fish farming. Macro economics - introduction to national income, accounting, measurement and determinants of national income, contribution of fisheries to Gross National Product (GNP) and employment; balance of payments, economic growth and sustainable development. Globalisation: dimensions of driving forces. Introduction to General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO). WTO framework - key subjects, agreement on sanitary and phyto - sanitary measures (SPS), seafood export regulations, Non tariff Fisheries Trade and Environment; protests against globalization and WTO. Intellectual Property rights (IPR) and different forms.

Learning Target Outcomes:

Prerequisite: N/A

Prerequisite Sentence: Student must be enrolled in the programme.

Credit Point: 12

Offered In: Semester 1