Reference no: EM133577487

Questions: Sustainable consumption and production are among the 17 United Nation's Sustainable Development Goals that aim to make awareness of natural resources without continuous damaging impacts on the planet. However, the explosive global population (estimates of 9.6 billion people by 2050) has witnessed a rising scarcity of natural resources for food and water consumption (United Nations, 2021). Furthermore, climate change has become a severe threat to the environment due to increasing human activities (Gerbrands, 2015).

For this assignment, your task is to investigate the one particular industry or sector from fashion industry that faces sustainable consumption and production challenges. Based on the feedback received from Task 1: Annotated Bibliography, develop your essay using the following questions.

1. Using demand and supply concepts, illustrate how the industry has changed in the past decades. Relate your summary of the bibliography and reliable data and evidence to support your demand and supply analysis. The essay must include relevant economic diagrams, tables and charts.
2. Explain how the industry creates externalities that can impact society's well-being and welfare. Relate your summary of the bibliography and apply externality theories in the discussion. All arguments must have supporting data and evidence. Include relevant economic diagrams in your essay.
3. Have the organisations in the industry taken actions to improve the externality issues to reach the United Nations' sustainable development goal? If yes, explain what they have done and what they have achieved. If no, describe the industry's challenges and strategies that the sector could adopt to minimise environmental costs or maximise its benefits to our planet.
4. Do you think that government interventions can correct the externality? If so, how effective are the interventions? Explain your answers with supporting evidence and a bibliography.