What will be the impact of covid 19 on the production possibility curve of the economy and why?
Answers
Answer:
It had a violence in the whole world. COVID-19 is now cause of large number of deaths. Due to COVID-19 the Government of Every State has declared Lockdown which caused loss of jobs and much more. Poor people are greatly ruined by Lockdown.
Answer:COVID-19 could affect the global economy in three main ways: by directly affecting production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. However, a great deal depends on the public’s reaction to the disease.
COVID-19 is a disease caused by a specific virus (SARS-CoV-2) and labeled in the press “coronavirus” or “novel coronavirus.”
Much about the disease is not currently known. While public health officials are still determining the medical impacts of the virus along with certain key characteristics, such as the incubation period, we believe the economic impact will in part depend on how the public reacts to the virus. Public reaction could allow the disease to spread more quickly and widely, or it could create unnecessary costs.