COVID 19 and scarcity

After reading the attached article on scarcity (File below), write an essay with at least a minimum of 700 words and not to exceed a maximum of 1,000 words 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.

It’s predicted many businesses will not survive this pandemic. Given this is a microeconomics class, 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?

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:

  • Cost benefit approach (Economic decision rule)
  • Shadow price/Opportunity costs
  • Backward induction (Educational goals and your career aspirations)
  • Invisible forces
  • Microeconomics

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