Question

1) How did Covid-19 affect individuals and families – their incomes, employment, health, education, etc.? Provide a monetary estimate of these effects (400 words)

2) How did Covid-19 affect businesses – their revenues, profits, jobs creation, etc.? Provide a monetary estimate of these effects.(in about 400–600 words)

Answer 1

Abstract

COVID-19 has affected day to day life and is slowing down the global economy.

This pandemic has affected thousands of peoples, who are either sick or are being killed due to the spread of this disease.

The most common symptoms of this viral infection are fever, cold, cough, bone pain and breathing problems, and ultimately leading to lung inflammation.

Below are the brief details of impact on the individuals and families and Business due to COVID-19

A) Healthcare Impact

1. Challenges in the diagnosis, quarantine and treatment of suspected or confirmed cases.
2. High burden of the functioning of the existing medical system.
3. Patients with other disease and health problems are getting neglected.
4. Overload on doctors and other healthcare professionals, who are at a very high risk.
5. Overloading of medical shops.
6. Requirement for high protection.
7. Disruption of medical supply chain.
8. Nearly 10 million people filed for unemployment insurance.
9. Near about $2 trillion relief bill provides cash to most US families, loans for small businesses, and $100 billion set aside for hospitals overwhelmed by COVID-19.

B) Economic Impact

1. Slowing of the manufacturing of essential goods.
2. Disrupt the supply chain of products.
3. Losses in national and international business.
4. Poor cash flow in the market.
5. Significant slowing down in the revenue growth.
6. Overall, 43% of U.S. adults now say that they or someone in their household has lost a job or taken a cut in pay due to the outbreak.
7. Among lower-income adults, an even higher share (52%) say they or someone in their household has experienced job Loss due to COVID-19.

C) Social / Educational Impact

1. Service sector is not being able to provide their proper service.
2. Cancellation or postponement of large-scale sports and tournaments.
3. Public Educatinal Institutes are not able to conduct the lectures and classes in Junior and Senior Level.
4. Private Educational Institutues have extended theire online support via E-Learning and Tuturing.
5. Avoiding the national and international travelling and cancellation of services.
6. Disruption of celebration of cultural, religious and festive events.
7. Undue stress among the population.
8. Closure of the hotels, restaurants and religious places.
9. Closure of places for entertainment such as movie and play theatres, sports clubs, gymnasiums, swimming pools, and so on.
10. Postponement of examinations

D) Employement Impact

1. Pandemic forced to shutdown of the professional sports industry and Loss the dependent employement.
2. Many other businesses have voluntarily closed to protect their employees and the public.
3. Thousands of Americans unexpectedly find themsleves out of work with the potential for significant increases in unemployment.
4. Some employers are expanding paid leave for workers.
5. Large number of people surveyed recorded themselves as employed but absent from work, and many of those likely should've been counted as unemployed on temporary layoff.

Summary :

This COVID-19 has affected the sources of supply and effects the global economy. There are restrictions of travelling from one country to another country. During travelling, numbers of cases are identified positive when tested, especially when they are taking international visits.

All governments, health organisations and other authorities are continuously focussing on identifying the cases affected by the COVID-19. Healthcare professional face lot of difficulties in maintaining the quality of healthcare in these days.

The specific monetary estimate can be assessed from the financial statistics from Federal Government website