Write the paper in APA or MLA format. Please reference your academic sources used in the paper and...

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Write the paper in APA or MLA format. Please reference your academic sources used in the paper and use at least 5 sources/references to support your findings. Reference your factual information in the written paragraphs and in your biography or reference page. This assignment will be checked for plagiarism.

Write a 3 page paper on the micro economy impact of covid-19 on the economy. You may investigate this topic from a global or domestic perspective. Discuss how the virus impacts the household and business sectors. Make sure you provide factual data on what the virus is and how it is believed to impact the domestic and global environment. Discuss some possible solutions to slowing down the virus and its impact on the micro economy.

Dr. Smita · Accepted Answer

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[Type the document title]		[Type the document subtitle]		[Pick the date]		HP	
Micro Economic Impact of the Covid-19 on the Economy
Covid-19 is the recognized pandemic that has penetrated the world in the month of December 2019 and affected the world massively. Covid-19, also known as the corona virus disease is the infectious disease that is caused by the virus that is new to the world. Since the virus is novel there is no treatment or vaccination has been developed or discovered for it. The disease is the respiratory illness and is considered as a deadly disease. The known fact about the disease is that it spreads primarily through the direct touch with the infected person. There is no identified medicinal treatment for the disease. The safest way to prevent the disease is social distancing and staying in quarantine.
The biggest nation of the world has been badly affected by the virus where people are losing their lives and the only option that the major economics of the world to avoid the disease are having is the Lockdown. Many economies including Australia, UK and India have announced lockdown in their economies following the guidelines as prescribed by World Health Organization. The impact of lockdown is not only restricted to social but has major economic repercussions on the economy of the world as well as individual nations. The assignment attempts to list down the economic impact of the same at both micro as well as the macroeconomic level.
1. Closing down of Production and Trade in the Economy: The complete lockdown mean that all the business activities are completely shut except for certain essential items and medicines. The closing down on a mass scale is leading to major economic losses on the daily basis. These losses will ultimately lead to a fall in the income of the individuals. When the masses will lose their incomes individually, the income of the economy on a larger scale will go down. In the long run, the GDP and national income of the major economies of the world will go down. These recessionary pressures arising out of the pandemics will ultimately lead to the depression on the world level. If such a lockdown is prolonged it is even estimated by some nations of the world that we may go two decade back in the economic terms.
2. Reduced Aggregate Consumption: The individuals who are self employed as well as running their own businesses are facing major losses on everyday basis. In certain nations like India, the business owners are instructed to give salaries and wages for the lockdown period. This would further lead to the erosion of their personal savings and wealth. In such a scenario, the consumption pattern of the majority of the business owners and self employed class is tend to go down. Also, the daily wage earners who are unable to find jobs during the lockdown period will face problems to even arrange food and other basic requirements. All these conditions will ultimately lead to massive decline in the consumption demand in the economy. 
3. Increase in the Government Expenditures: Fighting with the pandemic is the first and the foremost responsibility that the government of biggest nations of the world is struggling to fulfill. There has been massive increase in the medical expenditures because of the pandemic. The government requires quarantine facilities, the government officials, medical professionals and police man are on duty 24X7. All these activities require massive amount of money. The government have even gone a step ahead to provide relief measures to the family of the people those who have died because of the disease. Also, all the expenses made by the government are one sided payments and hence no infrastructural or economic development taken up these days. All these will lead to the erosion of the economy.
Gross domestic product or GDP is defined as the value of goods and services produced in an economy in a financial year. Because of the deadly virus floating around the world, the markets are closed, there is no production of goods and services. All these conditions will ultimately lead to massive fall down in the national income of major economies of the world. Also, the international transactions and travel are totally closed. This will further lead to a massive blow to the economies that are dependent on other nations for their basic requirements. To conclude it can be stated that the virus will ultimately eat away the world economy creating major losses both in monetary as well as non monetary terms.
References:
1. General Information
https://www.who.int/emergencies/diseases/novel-coronavirus-2019/events-as-they-happen
2. Global economy could shrink by almost 1% in 2020 due to COVID-19 pandemic: United Nations, Assessed on 
https://economictimes.indiatimes.com/news/international/business/global-economy-could-shrink-by-almost-1-in-2020-due-to-covid-19-pandemic-united-nations/articleshow/74943235.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst dated 7th April 2020
3. Covid -19: Implications for businesses, Accessed on 
https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-businessdated 7th April 2020
4. Tackling the Corona Virus, Accessed on
https://www.oecd.org/coronavirus/en/ Dated 7th April 2020
5. Impact of the coronavirus pandemic on the global economy - Statistics & Facts, Accessed on
           https://www.statista.com/topics/6139/covid-19-impact-on-the-global-economy/  Dated 7th April 2020.

Write the paper in APA or MLA format. Please reference your academic sources used in the paper and use at least 5 sources/references to support your findings. Reference your factual information in the...

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