What is marine economy?
The marine economy includes activity that: Takes place in marine areas such as cargo shipping; Uses essential inputs from marine areas such as seafood processing; Produces goods and services primarily for marine areas such as navigational equipment; and.
What is the difference between blue economy and ocean economy?
Ocean economy simply deals with the use of ocean resources and is strictly aimed at empowering the economic system of ocean. Blue economy goes beyond viewing the ocean economy solely as a mechanism for economic growth. It focuses on the sustainability of ocean for economic growth.
Why is it called blue economy?
According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.” European Commission defines it as “All economic activities related to oceans, seas and coasts.
What is blue economy example?
Some people refer it as “blue economy 4”. For example, Australia believes that the blue economy includes traditional and emerging marine industries and regards the value of marine industry as the value of the blue economy. India regards the blue economy as economic activities relying on the marine ecosystem or seabed.
What are ocean based industries?
Therefore, eight ocean economy industries were considered in this study: offshore oil and gas, maritime equipment and construction, seafood, container shipping, shipbuilding and repair, cruise tourism, port activities, and offshore wind (Table 1).
What was the economy based on?
Broadly speaking, an economy is an interrelated system of human labor, exchange, and consumption. An economy forms naturally from aggregated human action–a spontaneous order, much like language. Individuals trade with each other to improve their standards of living.
What is the Orange economy?
The Orange Economy, also known as the Creative Economy, is the bringing together of sectors of the economy “whose main purpose is the production or reproduction, promotion, dissemination and/or the marketing of goods, services and activities that have cultural, artistic or patrimonial content” according to UNESCO.
What is the red economy?
The red economy is the byproduct of Fordism (named after Henry Ford), which favors mass production and considers environmental resources to be unlimited. To put it simply, the red economy is a linear business model of taking resources and producing waste.
What is Orange economy?
What are the economic benefits of the ocean?
The ocean is the trading route for the planet. Fourteen percent of U.S. counties that are adjacent to the coast produce 45 percent of the nation’s gross domestic product (GDP), with over three million jobs (one in 45) directly dependent on the resources of the oceans and Great Lakes.
What is the largest ocean industry?
offshore oil and gas
The biggest industry in the Ocean 100 was offshore oil and gas, whose TNCs accounted for approximately 65% of the total revenues, followed by shipping (12%), shipbuilding and repair (8%), maritime equipment and construction (5%), seafood production (4%), cruise tourism (3%), and port activities (2%).
What are two types of economics?
Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examines overall economies on a regional, national, or international scale.