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How The Pandemic Impacts the Economy and What That Means For Your Personal Finances

A common theme on news networks, in newspapers and magazines, and even in daily conversation since the beginning of the pandemic has been the impact on the economy. From the immediate closure of businesses and companies to the far-reaching impact of rising inflation and slashed international trade rates, no corner of the global economy has been left untouched by the effects of COVID. As many people talk about the different impacts of the pandemic on the economy, it can be hard to understand what the practical implications of these changes will be for you. This guide will demonstrate what each major impact of the pandemic has been on the global economy and how those changes might affect your life and work.

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How Do I Make Smart Money Decisions? Try Cost-Benefit Analysis and Opportunity Cost

How do people make and stick with financial decisions? The idea of weighing certain financial investments to determine which is best might feel overwhelming to many people. Even certain financial teams or planners still struggle with making the smartest fiscal decisions. 

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Accounting for Scarcity: Why We’re Budgeting Resources During the COVID Pandemic

The pandemic has been marked by international shortages and market panics that we typically associate with natural disasters. Across the globe, stores were running out of essentials like toilet paper, canned goods, boxed items, and other non-perishable items. Masks, hand sanitizers, and home cleaners began to cost two to three times more than their usual price. People had their hours cut, were furloughed, or were let go, and even as paychecks shrank the price of rent, food, utilities, and home supplies continued to rise.

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Inflation: How the Pandemic is Changing the Price of Money

The price of money has not stayed the same since it was first invented. This might feel like common sense to you: of course the coins people used to use as currency don’t mean the same as a pound, euro, or dollar bill of today. However, the factors that have contributed to the changing price of money are often far more complicated than people might think. Inflation is a common explanation for changing monetary value thrown around in news headlines, on morning news reports, and in international finance columns across the world, but few people understand what exactly inflation means. Inflation is a big deal, and it’s literally changing the price and value of our money every minute.

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The Impact of COVID on the Health Care Economy

As the novel coronavirus first swept across the world in early 2020, very few people understood the impact this little-known disease would have. In just a few weeks, hospitals in major outbreak cities were buckling under the sudden influx of patients in dire need of medical assistance. Intensive care units reached capacity in record time, personal protective equipment or PPE was used, reused, and reused again until it literally fell apart in some cases, and health care workers everywhere worked around the clock in a desperate race against time to save patients and fight back the coronavirus. The demand for medical care was great, but the supply of resources and workers to provide it was not nearly big enough. Supply and demand are key to understanding the impact of the coronavirus on the health care economy, but they’re also key economic concepts. Understanding the economic foundations of supply and demand helps to explain the impact of COVID on hospitals around the world.

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