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Commercial fishing is the activity of catching fish and other seafood for commercial profit, mostly from wild fisheries. It provides a large quantity of food to many countries around the world, but those who practice it as an industry must often pursue fish far into the ocean under adverse conditions.
Commercial fishermen rely on catches to provide for their families just as farmers rely on crops. Commercial fishing can be a traditional trade passed down from generation to generation. Most commercial fishing is based in towns built around the fishing industry; regulation changes can impact an entire town's economy.
The fishing industry includes any industry or activity that takes, cultures, processes, preserves, stores, transports, markets or sells fish or fish products. It is defined by the Food and Agriculture Organization as including recreational, subsistence and commercial fishing, as well as the related harvesting, processing, and marketing sectors. [1]
The United Nations defines straddling stocks as "stocks of fish such as pollock, which migrate between, or occur in both, the economic exclusion zones (EEZ) of one or more states and the high seas". [3] Sovereign responsibility must be worked out in collaboration with neighbouring coastal states and fishing entities.
Fishing industry – includes any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish, fish products or shellfish. It is defined by the FAO as including recreational , subsistence and commercial fishing , and the harvesting, processing , and marketing sectors.
In addition to common goods, there are three other kinds of economic goods, including public goods, private goods, and club goods. Common goods that a businessman gives a thumbs up can include international fish stocks and other goods. Most international fishing areas have no limit on the number of fish that can be caught.
Economic or bioeconomic overfishing additionally considers the cost of fishing and defines overfishing as a situation of negative marginal growth of resource rent. Fish are being taken out of the water so quickly that the growth in the profitability of fishing slows down. If this continues for long enough, profitability will decrease.
As with other countries, the 200 nautical miles (370 km) exclusive economic zone (EEZ) off the coast of the United States gives its fishing industry special fishing rights. [6] It covers 11.4 million square kilometres (4.38 million sq mi), which is the second largest zone in the world, exceeding the land area of the United States.