• Home
  • Economics
    • Scarcity
    • Opportunity Cost
    • Goods and services
    • Market and economic systems
    • Economy
    • Production
    • Factors of production
    • Production function
    • Equilibrium
    • Economies of scale
    • Economies of scope
    • Efficiency
    • Productivity
    • Comparative advantage
  • Microeconomics
    • Utility
    • Supply and demand
    • Elasticity
    • Economic surplus
    • Consumer surplus
    • Producer surplus
    • Market failure
    • Market structure
  • Macroeconomics
    • GDP
    • Economics GDP Formula
    • GNP Formula
    • NDP
    • National income
    • Disposable income
    • Aggregate demand
    • Aggregate supply
    • Unemployment
    • Inflation
    • Interest rate
    • Business cycle
    • Central bank
    • Investment
  • Guest Post
Thursday, June 8, 2023
  • Login
EconGuru
  • Business
    • All
    • Accounting
    • Entrepreneurship
    • Management
    • Marketing
    • MBA

    Easy Ways to Ramp Up Security for Your Small Business

    3 Things You Should Know Before You Start a Web Design Firm

    5 Ways to Make Money When You Are Disabled

    5 Business Ideas You Can Run From Anywhere In The World

    5 Best Books to Learn Stocks Trading: Study for Successful Investing

    6 Best Real Estate Books to Get You a Solid Education In Real Estate Investing

    Must-Read 5 Best Business Books For Men And Women Who Love Success!

    How to Start Your Embroidery Business at Home – Make Big Bucks at Home

    5 Reasons Why You Should Invest in Real Estate if Not Now

  • Economics
    • All
    • Basic Economic Concepts
    • Economic Data
    • Economic Mathematics
    • Economics Diagrams
    • Economics Education and Careers
    • Environmental Economics
    • International Economics
    • Macroeconomics
    • Microeconomics
    David Ricardo was an 18th-century English economist renowned for his contributions to economic theory.

    Who is David Ricardo and How Did His Principles Shape Modern Economics?

    Understanding Comparative Advantage: A Fundamental Economic Principle

    What is Comparative Advantage? A Detailed Guide to Understanding its Role in International Trade

    Absolute advantage

    What is Absolute Advantage? Understanding Its Definition, Benefits, and Real-World Examples

    Adam Smith, the father of modern econimics

    Who Was Adam Smith: Understanding the Father of Modern Economics

    The Pareto Principle Explained

    What is the Pareto Principle? Understanding the 80/20 Rule

    How to Study for an Economics Exam

    Top 100 Dataset Websites & Sources for 2021

    “Capital in the Twenty-First Century” – a comprehensive master piece on world Economy and the reign of inequality

    Freakonomics: a book for unconventional thinkers and practical millenial economist

    Trending Tags

    • Finance
      • All
      • Basic Financial Concepts
      • Corporate Finance
      • Personal Finance

      Best 4 Personal Finance Software on Amazon

      The best invoicing softwares for small businesses

      5 Best Invoicing Software for Small Businesses

      Cryptocurrency: In Light of the Increased Volatility, Is It Worth the Risk?

      debt collectors

      4 Things You Should Do if You’re Being Harassed by Debt Collectors

      Choosing a Stock Broker Online

      What Should I Ask a Photo Booth Vendor Before Booking?

      The Total Money Makeover, a Must Read Ultimate Guide to Money Management

      The’Blue Chips’

      Quoted Shares and Stock Exchange

      Trending Tags

      • Insurance
      • Investing
      • World
        • Markets & Industries
        • Public Economics & Finance
      No Result
      View All Result
      Write for Us
      EconGuru
      • Business
        • All
        • Accounting
        • Entrepreneurship
        • Management
        • Marketing
        • MBA

        Easy Ways to Ramp Up Security for Your Small Business

        3 Things You Should Know Before You Start a Web Design Firm

        5 Ways to Make Money When You Are Disabled

        5 Business Ideas You Can Run From Anywhere In The World

        5 Best Books to Learn Stocks Trading: Study for Successful Investing

        6 Best Real Estate Books to Get You a Solid Education In Real Estate Investing

        Must-Read 5 Best Business Books For Men And Women Who Love Success!

        How to Start Your Embroidery Business at Home – Make Big Bucks at Home

        5 Reasons Why You Should Invest in Real Estate if Not Now

      • Economics
        • All
        • Basic Economic Concepts
        • Economic Data
        • Economic Mathematics
        • Economics Diagrams
        • Economics Education and Careers
        • Environmental Economics
        • International Economics
        • Macroeconomics
        • Microeconomics
        David Ricardo was an 18th-century English economist renowned for his contributions to economic theory.

        Who is David Ricardo and How Did His Principles Shape Modern Economics?

        Understanding Comparative Advantage: A Fundamental Economic Principle

        What is Comparative Advantage? A Detailed Guide to Understanding its Role in International Trade

        Absolute advantage

        What is Absolute Advantage? Understanding Its Definition, Benefits, and Real-World Examples

        Adam Smith, the father of modern econimics

        Who Was Adam Smith: Understanding the Father of Modern Economics

        The Pareto Principle Explained

        What is the Pareto Principle? Understanding the 80/20 Rule

        How to Study for an Economics Exam

        Top 100 Dataset Websites & Sources for 2021

        “Capital in the Twenty-First Century” – a comprehensive master piece on world Economy and the reign of inequality

        Freakonomics: a book for unconventional thinkers and practical millenial economist

        Trending Tags

        • Finance
          • All
          • Basic Financial Concepts
          • Corporate Finance
          • Personal Finance

          Best 4 Personal Finance Software on Amazon

          The best invoicing softwares for small businesses

          5 Best Invoicing Software for Small Businesses

          Cryptocurrency: In Light of the Increased Volatility, Is It Worth the Risk?

          debt collectors

          4 Things You Should Do if You’re Being Harassed by Debt Collectors

          Choosing a Stock Broker Online

          What Should I Ask a Photo Booth Vendor Before Booking?

          The Total Money Makeover, a Must Read Ultimate Guide to Money Management

          The’Blue Chips’

          Quoted Shares and Stock Exchange

          Trending Tags

          • Insurance
          • Investing
          • World
            • Markets & Industries
            • Public Economics & Finance
          No Result
          View All Result
          EconGuru
          No Result
          View All Result

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

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

          Faith Goede by Faith Goede
          January 18, 2021
          in EconGuru
          0 0
          A A
          0
          Share on FacebookShare on TwitterShare on LinkedinShare on RedditShare on WhatsappShare by Email

          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.

          Recessions

          You might also like

          Opportunity Cost

          What is Opportunity Cost? Understanding its Formula, Calculating It, and Interpreting its Economic Implications

          June 2, 2023
          Are we in a recession?

          What’s a Recession and Are We Close to One?

          December 31, 2022

          The pandemic has already sent many countries into a recession as a result of months of stifled work and income and skyrocketing healthcare and infrastructure costs. The United States and the United Kingdom were especially affected, as were Japan, Germany, France, and Russia. The immediate impact of recessions on many countries is spiking levels of unemployment as companies lay off workers to stem financial loss and an increase in bankrupting loans or fiscal instability. If you experienced job loss or missed a few bill payments, that was likely a result of the pandemic. Many economies have since recovered, but a few larger countries, such as the United States and the United Kingdom, continue to struggle in building back economic recovery.

          Oil Market Crashes

          The oil market is one of the largest sectors of the global economy and fuels everything from gasoline to your electrical bill. Shrinking capital flow, mounting debt, and dwindling labor availability all contributed to an unexpected and unprecedented collapse in the demand for oil, something which subsequently caused oil prices to drop and crashed the oil market. While you may have seen initial benefits in the form of lower gas prices or a slightly reduced utility bill, the long-term impact of the oil market crash affects close to 25 million jobs across the world, and experts are predicting some countries could lose close to 200,000 jobs that can never be recovered.

          Food Supply Disruptions

          Another surprising outcome of the pandemic’s impacts on the global economy is in food distribution. Many individual countries experienced periods of temporary disruption in food availability, such as a shortage of canned goods, produce, or non-perishable items. Agricultural workers were forced to spoil or throw away thousands of tons of food that they didn’t have the means to harvest or sell even as many community food shelters experienced a huge uptick in donation requests. Trade restrictions and supply chain disruptions are blocking the flow of food supply both nationally and internationally, causing everything from temporary outages to long-term food security issues that take years to repair.

          Stock Market Instability

          At the start of the pandemic, stock markets around the world immediately bottomed out in response to sudden employment, trade, and resource shifts. Some countries experienced record lows; the United States, for example, reached an economic low rivaled only by the infamous Great Depression that destroyed the country’s economy in the 1930s. Business shutdowns and government control tactics designed to halt the spread of COVID sent international financial markets into turmoil, weakening investor confidence and creating an atmosphere of uncertainty that led many people to sell quickly and cheaply, something that could ultimately cut spending and destabilize monetary values. Stock market instability translates into many businesses cutting employee hours or shrinking benefits as they attempt to cope with less investment capital, and it also means that your cost of living might continue to rise even as your paycheck shrinks.

          As the world continues its climb out of the economic pit dug by the recession, markets are slowly but surely stabilizing. Trade restrictions are loosening and some countries are even beginning to allow travel and exports again. As you continue to recover from the initial wave of COVID economic impact, it’s important to remember that the post-pandemic economy is still growing. Only time will tell what permanent impacts might remain.

          Previous Post

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

          Next Post

          What Should I Ask a Photo Booth Vendor Before Booking?

          Faith Goede

          Faith Goede

          A popular local writer with an eye towards cataloging present day events.

          Related Stories

          Opportunity Cost

          What is Opportunity Cost? Understanding its Formula, Calculating It, and Interpreting its Economic Implications

          by Stephanie Maina
          June 2, 2023
          0

          Opportunity cost is an economic concept that refers to the potential benefit an individual, investor, or business misses out on...

          Are we in a recession?

          What’s a Recession and Are We Close to One?

          by Stephanie Maina
          December 31, 2022
          0

          A recession is a severe decline in economic activities for a long period of time. Economic experts declare a recession...

          Must-Read 5 Best Business Books For Men And Women Who Love Success!

          by sporta
          October 12, 2022
          0

          There's just not enough time in the day to work, build a business, nurture a family and still have time...

          6 Best Books to Learn Ecommerce: Start Your Own Online Store Today

          by sporta
          October 12, 2022
          0

          After 3-6 months of reading blog articles, watching webinars and going through forums, it all comes down to starting your...

          Next Post

          What Should I Ask a Photo Booth Vendor Before Booking?

          What is EconGuru?

          EconGuru

          EconGuru was founded in 2006 by a group of Economics students who are passionate about learning and sharing everything in Economics, Finance, and Business.

          The mission is to improve economic and financial literacy of the general public so people can better understand and react to economic problems and make good financial decisions.

          We have no social profiles on any network, and if you like us, bookmark EconGuru.com or share us with your friends.

          Textbooks

          • Intro to Economics
          • Firms & Industrial Structure
          • Fundamentals of Ecology
          • Economics
          • Macroeconomics
          • Microeconomics
          • Useful Links

          © 2006 - 2022 EconGuru - Your premium guide for Economics, Finance, and Business. Privacy

          No Result
          View All Result
          Write for Us
          • Banking
          • Books & Textbooks
          • Business
            • Accounting
            • Entrepreneurship
            • Management
            • Marketing
            • MBA
          • EconGuru
          • Economics
            • Concepts
            • Microeconomics
            • Macroeconomics
            • Economic Data
            • Economic Mathematics
            • Economics Diagrams
            • Education and Careers
            • Environmental Economics
            • International Economics
          • Finance
            • Concepts
            • Corporate Finance
            • Personal Finance
          • History of Economics
            • Economists
          • Insurance
          • Investing
          • Markets & Industries
          • Public Economics & Finance
          • World Economy
          • Login

          © 2006 - 2022 EconGuru - Your premium guide for Economics, Finance, and Business. Privacy

          Welcome Back!

          Login to your account below

          Forgotten Password?

          Retrieve your password

          Please enter your username or email address to reset your password.

          Log In
          Are you sure want to unlock this post?
          Unlock left : 0
          Are you sure want to cancel subscription?