Answer to Question #236936 in Marketing for Suneha Krishanna

Question

Consider a material for which making wants is much more profitable than making needs. What are some ethical and moral concerns regarding the use of this resource? What are some mechanisms society may impose to ensure enough of the resource is dedicated to the generation of needs? Can a free market adjust itself to ensure the needs of individuals are met? If so, how?

Answer 1

Mechanisms society may impose to ensure enough of the resource is dedicated to the generation of needs

• Ensure a healthy life by eradicating poverty and hunger.
• Ensure that everyone has access to essential amenities including water, sanitation, and renewable energy.
• Support the creation of possibilities for growth through inclusive education and decent jobs.

A free market adjusts itself because it is a system in which buyers and sellers negotiate in an open market to determine the price of products and services.