Introduction
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.
Directions
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
Additional Resources
- Explaining the economic impact of COVID-19: Core industries and the Hispanic workforcLinks to an external site.
- “The state of the U.S. labor market 4 years after the start of the COVID-19 recession,” https://equitablegrowth.org/the-state-of-the-u-s-labor-market-4-years-after-the-start-of-the-covid-19-recessionLinks 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 Geography Links to an external site.
- Ten facts about COVID-19 and the U.S. economy Links to an external site.
- CRS: Global Economic Effects of COVID-19 Links to an external site.
- Survey: US consumer sentiment during the coronavirus crisis Links to an external site.