The COVID-19 pandemic wreaked havoc on the global economy in an unparalleled fashion. Each step of this three-part core assessment will challenge you to apply key macroeconomic theory concepts to this real-world case study (that we all lived through). In this unit, you are tasked with looking at the global macroeconomic impact of COVID-19 on key indicators such as GDP and the unemployment rate.
CLO 3 – Define Gross Domestic Product (GDP), and identify the four expenditure categories in the equation GDP = C + I + G + Xn; identify the measurement and sources of economic growth.
CLO 4 – Describe the business cycle; identify the primary measure of unemployment and define “full employment”; identify the primary measure of inflation and distinguish between demand-pull and cost-push inflation.
Submit a journal entry (a doc or .pdf file) that thoughtfully addresses each of the four following bullet points. This assignment does not have a minimum word count, but will likely be upwards of 400 words in order to meet the requirements of the “Excellent” rubric criteria.
Provide a brief synthesis (4-5 sentences) of the COVID-19 pandemic and how it impacted the global economy.
What was the impact of COVID-19 on the USA’s labor force in 2020?
How did COVID-19 impact consumer and business confidence among the world’s largest economies?
How did measurement problems factor into the economic impact of COVID-19?
CRS: Global Economic Effects of COVID-19 Links to an external site.
Explaining the economic impact of COVID-19: Core industries and the Hispanic workforce Links to an external site.
Ambrocio, Gene, 2021. “Euro Area Business Confidence and Covid-19, Links to an external site.” Research Discussion Papers 4/2021, Bank of Finland.
Survey: US consumer sentiment during the coronavirus crisis Links to an external site.
The coronavirus effect on global economic sentiment Links to an external site.
Pandemic Impact on Mortality and Economy Varies Across Age Groups and Geographies Links to an external site.
Ten facts about COVID-19 and the U.S. economy
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