select any two (2) economic concepts that you found particularly appropriate relevant to understanding the current...

select any two (2) economic concepts that you found particularly appropriate relevant to understanding the current and potential future impact of the pandemic on society and the economy. First define the economic concept. Then evaluate how an understanding of these economic concepts relate to the impact of the pandemic on the overall economy or a particular industry. Finally, how might this understanding effect your personal behavior and decision making by providing a specific example. The essay should include at least two sources. please cited sources

Expert Solution

The two economic concepts relevant to current and future impact of pandemic on society and economy are unemployment and Recession.

Unemployment means a person who is looking for job is unable to find job. The measure of unemployment is the unemployment rate which is obtained by dividing the number of unemloyed by the number of people in the labor force.

Recession is a contraction in the business cycle when there is fall in economic activity lasting for few months.There is fall in spending, fall in real GDP,fall in real income, fall in employment, fall in industrial production etc.

The US economy is likely to contract by 5.9%this year, representing the biggest decline since 1946.Unemployment in US is likely to increase to 10.4% this year because of the pandemic. A partial recovery is expected by 2021 with growth of 4.7%.The IMF described the great recession as the worst depression since 1930.All over the world the workers are facing job losses due to the cession caused by the pandemic.Americans applying for unemployment benefits are rising to $6.65 billions.

With spread of Covid 19,we observe change in personal behaviour and decision making.In US online sales have increased.Panic buying dominates as fear of restrictions grip the consumer.As people decide to buy more, there is low stock in the stores and people make long ques outside.My personal behaviour has changed and I have learnt to make quick decisions.Iam exhibiting different behaviour than I normally do. I purchase various product combination that I do not do often.I purchase more than I purchase often.This tendency in my behaviour is the effect of the pandemic.Increased online shopping , decreased visits to grocery stores, health minded buying etc have been my personal behaviour and decision. EG -Alibaba in China reported that online purchase was 4 times higher than it was before.

sources -How covid 19 is influencing consumer behaviour.

Rahul Sunny answered 2 years ago

Select any TWO (2) commercial banks in Malaysia. Based on the current interest rates offered by...

Select any TWO (2) commercial banks in Malaysia. Based on the current interest rates offered by the banks, calculate the future value of an annuity of RM100,000 made at the beginning of every year for 10 years. Analyse and compare the effect of the interest rates offered by the banks on the total savings

In chapter 2, you learned a variety of fundamental economic concepts. Identify two of the following...

In chapter 2, you learned a variety of fundamental economic concepts. Identify two of the following principles, and apply them to the real-world situations, using at least 300 words. Also, provide discussions on how biblical principles are integrated into those principles. (Due: Day 4 by 11:59pm; word count: minimum 300 words) People face scarcity and costly trade-offs People engage in rational making and marginal thinking People respond predictably to changes in incentives Specialization and trade can make everyone better off...

) Explain any two of the following statements with economic reasoning and appropriate diagram(s) a. A...

) Explain any two of the following statements with economic reasoning and appropriate diagram(s) a. A competitive firm’s supply curve in the short-run is a segment of MC curve. b. The long-run equilibrium of a perfectly competitive firm is both productively and allocatively efficient. c. A marginal revenue curve of a monopolist lies below the demand curve .

Criminal Behavior Although Economic Analysis Is Not Particularly Relevant in Explaining Some Crimes of Passion and...

Criminal Behavior Although Economic Analysis Is Not Particularly Relevant in Explaining Some Crimes of Passion and Violence, It Does Provide Interesting Insights on Such Property Crimes as Robbery, Burglary, and Auto Theft. The theory of rational consumer behavior has been extended to provide some useful insights into criminal behavior. Both the lawful consumer and the criminal try to maximize their total utility (or net benefit). For example, you can remove a textbook from the campus bookstore by either purchasing it...

1. What theme have you found most relevant to your understanding of disabilities? This relevance may...

1. What theme have you found most relevant to your understanding of disabilities? This relevance may be something that you hope to avoid or emulate in your future work with those with disabilities. What era the history do you find most disturbing? What ongoing “residual threads” of this history are still apparent today? What can you do to eradicate these threads? What historical trend would you like to emulate in your future professional work? How do you envision accomplishing this?

For this question, please select any two of the three measures of economic conditions discussed in...

For this question, please select any two of the three measures of economic conditions discussed in our lectures. For the two measures of economic conditions that you have selected, please find an article from a mainstream news source that discusses any recent trends in these measures. After summarizing these trends, please describe the effect that these trends have had on the basic model for the entire economic system. Please provide your opinion regarding whether the Coronavirus pandemic has impacted this...

1. You must explain the issue using appropriate economic theory and concepts and highlight the key...

1. You must explain the issue using appropriate economic theory and concepts and highlight the key points to present your comments. 2. Include relevant argument on social interest, externalities (positive or negative) and public good provision in your discussion. 3. You are encouraged to cite related sources in your writing. Follow the usual citation protocols. (Five paragraphs at least) With some variation among different societies, almost everywhere in the world, gender inequality in the job market is present. This inequality...

Select any two of the Ten Pillars of Economic Wisdom and list them, explain their meaning...

Select any two of the Ten Pillars of Economic Wisdom and list them, explain their meaning and give two examples of each and explain their funding

In 500 - 600 words define any two (2) of the following terms or concepts and...

In 500 - 600 words define any two (2) of the following terms or concepts and provide at least one example for each. Social contract Articles of Confederation Federalism Full Faith and Credit clause Police powers Civil liberties Be sure to use examples to support your definitions. Note - This question is from the American government.

Select one of the elements of the Customer Development Manifesto, select what you believe is particularly...

Select one of the elements of the Customer Development Manifesto, select what you believe is particularly critical for founders. Why is it critical? Could you be a successful founder without it? Why or why not?

Question