FISH 160: Economic Concepts and Terms in Fishing Business

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What is the main objective of the producer or firm?

Extraction costs

Gross income

Maximize their profit (correct)

Factor affecting the income and profitability

What does gross income represent?

Factor affecting the income and profitability

Value of the output of an enterprise (correct)

Extraction costs

Cost of production

What is usually classified into two categories: variable and fixed costs?

Extraction costs (correct)

Factor affecting the income and profitability

Gross income

Maximize their profit

Which factor could affect the yield in fisheries entrepreneurship?

The price Signup and view all the answers

What is the process of acquiring inputs, combining them, and producing outputs called?

Process of production Signup and view all the answers

What is the main factor affecting the income and profitability in fisheries entrepreneurship?

Factor affecting the income and profitability Signup and view all the answers

What is the gross margin for a fisher who extracts fish worth $600 at a variable cost of $100?

$500 Signup and view all the answers

Which of the following is true about fixed costs?

They remain the same regardless of the size of the enterprise Signup and view all the answers

What is the purpose of gross margin in assessing performance?

To measure what the enterprise is adding to profits Signup and view all the answers

What does a reduction of fixed costs, where production is not affected, lead to?

Increased profit Signup and view all the answers

What is the reward for labor, capital, and management contributed by the fisher’s family during the year?

Gross profit Signup and view all the answers

What signal should falling profits give in terms of resource allocation?

Resources should be taken out of that business and put into another one Signup and view all the answers

What are variable costs affected by?

Changes in fishing output Signup and view all the answers

FISH 160: Economic Concepts and Terms in Fishing Business

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Questions and Answers

What is the main objective of the producer or firm?

What does gross income represent?

What is usually classified into two categories: variable and fixed costs?

Which factor could affect the yield in fisheries entrepreneurship?

What is the process of acquiring inputs, combining them, and producing outputs called?

What is the main factor affecting the income and profitability in fisheries entrepreneurship?

What is the gross margin for a fisher who extracts fish worth $600 at a variable cost of $100?

Which of the following is true about fixed costs?

What is the purpose of gross margin in assessing performance?

What does a reduction of fixed costs, where production is not affected, lead to?

What is the reward for labor, capital, and management contributed by the fisher’s family during the year?

What signal should falling profits give in terms of resource allocation?

What are variable costs affected by?

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