COVID/ Supply and Demand
Microeconomics is often described as about the “little picture” as opposed to the big picture view of macroeconomics, but that view is over simplistic.
Here is an example from microeconomics even though it is definitely big picture. Consider the pandemic, which induced huge changes in consumer behavior. Take restaurants for example. Many restaurants closed, usually temporarily. Those that remained open suffered three big problems: customers feared catching covid from eating there and waitstaff worried about catching covid from working there. Chefs worried about supply-chain disruptions to food ingredients.
Show, using supply and demand graphs if possible, how these developments affected the restaurant business.
Go to the internet and find a news article from a daily newspaper published within the last month that discusses changes in demand and supply of particular goods/services, summarize key points and post in the Discussions area. Please do not use an article related directly to covid.
Refer to week 2 content materials and use specific economic vocabulary within your summary, i.e. demand, quantity demanded, determinants of demand, shifts in demand curve, etc. Likewise with supply. Also, you should discuss changes in equilibrium quantity and equilibrium price.
The article you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate.
Please note that the goal of this assignment is to read, understand, and discuss recent news using microeconomic terminology. The article should be from an on-line newspaper or magazine. Materials posted on educational websites, like www.thebalance.com, www.khanacademy.org , and so on, are not considered news articles even if they were recently updated and contain material related to the discussion topic.
Reflection – the students also should include a paragraph in the initial response in their own words, using microeconomic terminology, reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace or in everyday life.