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Please reply to the following discussion questions, 200 words min each
COVID-19 is a virus, similar to the common cold, that became widespread in the U.S. around March 2020 and had a disastrous effect on the economy. With the death toll piling up, many Americans were put into quarantine to limit the spread of the virus. With the new mandate in effect, Americans were ordered to stay in their homes unless it was absolutely necessary to leave. With Americans stuck in their homes, consumer spending declined and businesses weren’t making enough revenue.
With the loss of revenue, hundreds of businesses were forced to close down as they couldn’t keep up with their costs, such as rent and employee wages. I, along with millions of Americans, was furloughed from my job because they couldn’t keep up with costs of paying employees. With so many out of a job, it was only natural that spending decreased as the population had to rely on their savings to survive.
The pandemic exposed how ill-prepared the U.S. was in terms of consumer safety. Since many businesses lacked the safety protocols to keep both their employees and customers safe in their facilities, they suffered financial losses. Currently, businesses have made strides in keeping everyone safe and it has resulted in the economy recovering from the pandemic. In the future, funds must be set aside for pandemic relief to prevent a repeat of COVID-19.
COVID-19 not only affected the medical aspect of how we live our day to day lives but also in terms of products and how available they were because of how scarce labor was. We have seen shortages in materials such as wood, micro-chips, as well as food products.
Personally this past year I financed a new car. It took more than five months before I finally found a car that I felt was worth the price. Although my options were slim, because like most kids when they are young and off and away in college racked up credit cards and loans, which made my credit take a hit unfortunately. But overtime I did pay off the cards and made on-time payments to any other outstanding loans or lines of credit. Actually now I pay everything way before the due date. And while I was shopping for a car I did notice that most of the used cars I was looking at were no more than $3,000 for a brand new model. But I have found most brand new models would have to be ordered and shipped to your home. So as you can see most of the customers nowadays are still experiencing shortages when it comes to purchasing a new vehicle.
Another product that was problematic this year was the cost of gasoline as well. It went to an all time high in the U.S. to $5.60 a gallon. Now fast-forward to today and it has dropped significantly. Nearby the price has gone done to $3.30 a gallon.
As we can we COVID-19 has affected the market of availability of certain product which also will affect the cost. Not only during the pandemic were we dealing with the problems of the affects of this but also, we fail to forget how the different international incidents affected our economy as well, such as the war on Ukraine. Which made the availability of gasoline and other products scared on top on the already prescending issues.