GEOG 2000 Lecture Notes - Lecture 13: Marginal Cost, Marginal Revenue, Mitigation Banking

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7 Aug 2016
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Chapter 13 – Sustaining Aquatic Biodiversity
Commercial extinction- usually only a temporary depletion of fish stocks, as long as depleted
areas and fisheries are given time to recover
Bycatch- the unwanted fish and other marine creatures caught during commercial fishing for a
different species.
***ON FINAL EXAM- success stories of bycatches***
Ballast water- Fresh or salt water, sometimes containing sediments, held in tanks and cargo holds
of ships to increase stability and maneuverability during transit.
Whaling- the practice or industry of hunting and killing whales for their oil, meat, or whalebone.
Maximum sustained yield (MSY)- is the largest long-term average catch or yield that can be
taken from a stock or stock complex under prevailing ecological and environmental conditions
Optimum sustained yield (OSY)- is the level of effort (LOE) that maximizes the difference
between total revenue and total cost. Or, where marginal revenue equals marginal cost.
Mitigation banking- is the preservation, enhancement, restoration or creation (PERC) of a
wetland, stream, or habitat conservation area which offsets, or compensates for, expected adverse
impacts to similar nearby ecosystems.
Ramsar- The Convention on Wetlands, called the Ramsar Convention, is an intergovernmental
treaty that provides the framework for national action and international cooperation for the
conservation and wise use of wetlands and their resources.
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