The Lobster Example

Link:

http://hereandnow.wbur.org/2013/08/12/lobster-price-low

 Draw a diagram of how lobsters are caught and distributed.  Any is acceptable, just show a flow for business purposes.  Or if you wish not to diagram, then describe the distribution steps in the process.

Discuss lobster supply and demand, with pricing and quantity in the market.  You can draw this as well to help but you may also just write it in paragraph form.   Make sure to mention when supply and demand “meet” what is achieved.

Discuss economic systems.  How would this lobster ‘problem’ change as government changes?  And what I mean is describe this in a capitalist, socialist AND communist economic system.  How would things change from one economic system to another?  In terms of quantity supplied into the market, in terms of ownership of business, in terms of profit distribution and retention.