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The Ocean as an Economic Resource in an Economy - Research Paper Example

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This paper focuses on the ocean as a free economic resource that has addressed the issue of unemployment very well since many jobs have been created and also self-employment. This has greatly helped in reducing the levels of unemployment and also reducing the level of inflation…
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The Ocean as an Economic Resource in an Economy
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Download file to see previous pages The ocean as an economic resource has played a great role in reducing the levels of unemployment in an economy. There are many types of fish found in the ocean thus making the ocean a source of food to a huge number of people. The fishing industry has extensively grown due to a lot of competition. However, individuals engage in fishing as a way of getting their food and others do fishing as a source of their revenue. For those people who engage in fishing for food are just do it for consumption purposes. However, for those people who engage in fishing activities for commercial purposes are industrial fisheries. Therefore in connection with the problem of unemployment is partially solved through the act of fishing. There are both skilled and unskilled persons employed in the fish industries that arise from the existence of the oceans. Therefore, fishing is a factor that leads to a decrease in unemployment levels ((Acheson 1975). As a means of transport, oceans are a medium of transport by the use of boats and ships. This marine industry is a source of employment to a big number of people. Some people are self-employed while others get work in the harbours and others in the ships. Therefore, marine transport helps in reducing the levels of unemployment since quite a big number of people get employed in the marine transport-related sectors. Also, for the business persons involved in the business, they increase the level of taxable income in a country and this revenue is used in carrying out a profitable project, and then other people get employed. Hence, marine transportation reduces unemployment both directly and indirectly. The ocean is a site for recreational activities for people during their leisure time. It has led to the coming up of the tourism industry. Many hotels have come up along the beaches of the oceans. Many people love having fun in different countries that have beautiful sites along the beach and a favourable weather condition. ...Download file to see next pagesRead More
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