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Microeconomics: Apparel Industry

Essay Instructions:

Review your chapter readings and use the resources provided to develop a 2–3 page paper on Economic Principles – Microeconomics in which you:
Choose an industry that interests you. (Remember, an industry is not a company. An industry is a group of companies doing the same thing. Ford is a company. Automobile manufacturing is an industry.)
Do research on your industry. In a few short paragraphs, describe your selected industry:
Be sure to write in your own words.
Identify some of the major companies in this industry.
Identify the goods, and/or services this industry produces.
Add anything else about the industry that you think is interesting.
Keep track of your sources by copying their Internet addresses (URLs). You can paste these URLs at the end of your paper as your references.
Describe a microeconomic variable for your industry. Microeconomic variables include prices, sales, production, advertising, investment, and so on.
Include a graph, chart, or table showing this microeconomic variable over time.
You do not need to create this graph, chart, or table. Find one that has already been created and paste it into your paper. For example, if your industry is U.S. automobile manufacturing, Google, "U.S. automobile manufacturing over time." Select the "images" option. Choose one of the graphs, charts, or tables. Then copy and paste it into your paper.
Include a reference to the source of the graph, chart, or table. Microeconomic relationships and market outcomes are covered in Weeks 2–4.
Describe one way the government might impact this industry. Examples might include price controls, regulations, taxes, or any other way you can think of.
Government intervention through price controls, regulations, taxes, and antitrust enforcement were covered in Weeks 2 and 4.

Essay Sample Content Preview:

Microeconomics: Apparel Industry
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Microeconomics: Apparel Industry
The apparel industry has a long history that can be traced back to the medieval era. The industry is concerned with the design, manufacture, and sale of clothing from the most basic clothing such as underwear, footwear, sportswear, and related accessories. There is quite a striking number of industry players that can be singled out in the contemporary era, some of which have grown to become big brands globally. The business model adopted by the key industry players including Nike, Inditex, Hennes & Mauritz, Christian Dior, Louis Vuitton, and Levi, to mention just but a few, have transitioned from wholesaler business model to a mixed business model where the companies engage in both wholesale and retail. The notion that a strong brand name is one of the greatest competitive advantages of apparel industry player has led to the emergence of new trends in the industry, including the incorporation of technology in the design and manufacture of apparel and footwear, increased e-commerce, influencer marketing, globalization among other trends in the industry (Karpova et al., 2021). According to Shahbandeh (2021a) from Statista, the global apparel market is projected double in value in the year 2025 to a market valuation of about $2.25 trillion.
The apparel industry has become an important part in uplifting the economies of some of the major economic powerhouses in the world where notable brands and industry players come from. Similarly, the apparel industry has depicted some kind of a relationship with microeconomic variables known to play a part in the country's gross domestic product. According to Statista, there has been a steady decline in the number of employees working in the apparel industry in the United States over the past few decades, standing at an all-time low of slightly over 90,000 as of the year 2020 compared to over 900,000 in 1990 (Shahbandeh, 2021b). However, with the incorporation of e-commerce pla...
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