Vocab for Exam 3

Question 1

Derby Fishing:

Answer 1

fishermen race to catch as much as they can within a limited time window or quota. This often leads to increased fishing pressure, operational risks, and inefficiency as fishers try to maximize their haul before the opportunity ends.

Question 2

Input Substitution:

Answer 2

When regulations limit fishing in one area (e.g., season length, gear type), fishers compensate by substituting with other inputs, such as larger boats, more advanced technology, or increased manpower, to maintain or increase catch levels.

Question 3

Over-Capitalization:

Answer 3

ishers invest heavily in gear, boats, and technology to compete for a limited resource, often spurred by shorter seasons or stricter quotas.

Question 4

Effort Creep

Answer 4

gradual increase in effective fishing effort over time, despite regulations meant to limit it. This occurs when fishers find ways to enhance their efficiency, such as through input substitution

Question 5

Concentration

Answer 5

consolidation of fishing rights, quotas, or licenses in the hands of a few large operators. Smaller fishers may be unable to compete economically and are often bought out or forced out of the industry, leading to reduced diversity in the fishing sector.

Question 6

Transferability

Answer 6

The ability to lease, sell, or transfer fishing licenses, quotas, or permits. Transferability is often restricted by regulations, and some systems impose limits to prevent excessive consolidation or maintain equity among fishers.

Question 7

High Grading

Answer 7

The practice of discarding smaller or less valuable fish to maximize profits within a quota or limit. This often results in waste and ecological harm, as discarded fish may not survive after being released.

Question 8

By-Catch

Answer 8

The unintentional capture of non-target species while fishing. By-catch often occurs in high-pressure situations, such as derby fishing, where fishers prioritize speed over selectivity, leading to ecological damage and waste.

Question 9

Armchair Fishers:

Answer 9

ndividuals or companies who hold fishing quotas or licenses but do not actively fish themselves. Instead, they lease their quotas to others and profit passively, often without contributing directly to fishing activity.

Question 10

Industry Structure

Answer 10

overall composition and organization of the fishing sector

Question 11

Windfall Profits

Answer 11

occur when companies or fisherman can sell their license. The profit they earn from that sell. those who get a limited license or quota will benefit.