macroeconomics and microeconomics
After reading the attached article on scarcity, write an essay about how COVID 19 and scarcity has affected what the author describes as your “bandwidth.” Specifically write about how COVID 19 and scarcity has affected your educational goals and your career aspirations.
For example, approximately 21 million jobs have been lost and that number is going to increase. The unemployment rate is projected to increase to 20 percent and probably more. Some economists speculate 1/3 or more Americans who were laid off are not looking for work and consequently not counted as unemployed. The highest rate of US unemployment was 24.9 percent in 1933 during the great depression. This is definitely a rough time to be graduating from universities in terms of entering the job market and beginning new careers.
Its predicted many businesses will not survive this pandemic. In your essay share what concepts you learned in this class, and your personal experiences that deal the article about scarcity and bandwidth that helps you understand about how businesses will survive and be profitable and add employees to their payroll to help bring the economy back to its feet. How has this is impacted you? How do you see it impacting you in the future?
When you are writing your essay, please write about your experiences during this time of COVID-19, how you are being impacted and how this is effecting your educational goals and career objectives. Please do not forget to include the five economic concepts below in your essay.
As the instructor I should be able to determine that you have read the article and understand the content by incorporating the following five concepts with definitions and examples:
Economic decision rule
Opportunity costs
Scarcity
Invisible forces
Macroeconomics or microeconomics
I would like the author to use a specific set of textbooks as sources. I cannot upload them but I can provide full access to both via McGrawhill website.
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