A clothing company produces a new line of inexpensive jeans using a special process that is environmentally friendly. In this example, how has society answered the three basic economic questions?

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22-01-2018
Social Studies

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A clothing company produces a new line of inexpensive jeans using a special process that is environmentally friendly. In this example, how has society answered the three basic economic questions?

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andriansp andriansp · Answer 1 · 2018-02-01T04:47:20+01:00

Here are the three basic economic questions and their answers:

-what should be produced
It would be The new line of inexpensive jean clothing

-how it should be produced
The products should be produced using special process that environmentally friendly, which is usually cost us higher compared to normal manufacturing mehtod.

-for whom should it be produced.
There would be two segments of consumers who would buy this products. The one with low to middle economic income and the one that have concerns about the environment.

amniotecardamom amniotecardamom · Answer 2 · 2019-09-19T14:31:02+02:00

The three fundamental questions of economics are solving the basic problems faced by economic agents. What to produce? How to produce? Who to produce for? These questions are pertinent because resources are scarce, but human needs are unlimited. Therefore, one has to choose the best combination of resources to make a production that meets human needs.

Demand for a good or service is the major factor in making the production decision. Thus, the first answer is given: To whom to produce? For environmentally conscious consumers. So, next, the second question: What to produce for these consumers? The answer is environmentally sustainable pants. Finally, the third question: how to produce these clothes? The answer is through a special ecologically sustainable production process.