Economics of Covid-19

Using the economic concepts of Scarcity, Choice, Opportunity, Cost, Demand, Supply, Quantity Demanded, Quantity Supplied and Supply/Demand charts, evaluate the Impact Covid-19 will have on you, a family member of friend under the following conditions:
There are 145 million people in the workforce. Explain using the Supply/Demand curve. How Covid-19 is affecting the workforce. Is the Demand or Supply curve affected. Which way will the curve shift.
If you or someone in your household filed a tax return in 2018 or 2019, you will receive approximately $1,200.00. What will you or a family member spend the money on. What do you think other households will spend their money on. What will be the economic impact. How will that affect the Supply/Demand curve.
Name five areas, sectors and/or industries that are affected by Covid-19. Explain the impact using Supply/Demand curves. Explain which curve is affected and if it shifts to the left or to the right.
Overall, how is Covid-19 affecting the economy.

Sample Solution

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