The document discusses production theory and the Gordon-Schaefer model of fisheries production. It outlines the factors of production as land, labor, capital and organizing work. It then describes the Gordon-Schaefer model which models fish stock growth based on intrinsic growth rate and environmental carrying capacity. Fishing effort is introduced, defined as the proportion of the stock caught. Short and long-run impacts of fishing on yield and population size are examined, showing maximum sustainable yield. Production and cost functions are also summarized.