COVID - 19 has ushered a catastrophic situation for both the health and the Economy all over the world. To decrease the slope of death and infection, in many countries, lockdown is witnessed as a very common incident. But due to lockdown, people who are associated with the regular industry are losing their jobs. Some are getting reduced wages due to economic downfall. In Australia, we find a health precaution to be taken, but there can also be witnessed economic scarcity. The economic condition thus is unambiguous everywhere. There is a striking downfall in production, spending, and income. So the crisis of an employee is to be stated as a direct outcome of the crisis of the employer.
ECON 1020 is an important unit, delving into different principles of Economics. Mainly in this course structure, Macroeconomics is emphasized. Along with the basic understanding of different principles of economic study, some ideas dealing with government economic policies, different initiatives along with some economic issues of the country and global paradigm are undertaken as subject matter. My Assignment Services provides all kinds of Economic Assignment Help for different courses including ECON 1020: Principles of Economics.
In the assignment, you will be asked to apply the economic concepts and models that you have learned in ECON1020 to a range of COVID -19 related issues.
So, hereâ€™s the ECON 1020 principles of economics assessment below:
In the first question, we need to focus on some terminologies like income, budget constraint and leisure in the basic rubric of the economic crisis during COVID-19 situation. Budget constraint mainly focuses on the idea of consumption budget, be it monthly or annually. Again, we are to foreground the relationship between budget constraints and income reduction and how these two things are concomitantly interconnected with the notion of leisure.
Whereas, the second and third questions aim at the idea of Indifference Curve and Utility maximizing points. Here, a basic graphical relationship among Utility Maximization Point, Indifference Curve, and Budget constraints need to be plotted. Utility Maximization point is the optimum decision problem that every consumer faces while consuming any good. It is a point that can mathematically define the maximum utility of money.
In the context of Macroeconomics, utility point determines the basic budget constraints for different income groups in a different macroeconomic situation. The indifference curve mainly indicates the relation between utility maximization and budget constraint. In the context of Jordan's situation given in the above ECON 1020 Principes of economics assignment, we need to plot a graphical representation as well as the need to explain the macroeconomic situation from the point of views of Jordan, an economic marker of a particular income group.
Let us come to the next question where the main focus is on Opportunity Cost. It is the unseen cost, a silent but powerful economic variable that depicts on the cost of the best thing which can not be consumed in exchange of the particular amount, rather a good less good than the previous one is to be bought. There are several constraints responsible for that, ranging from economic crisis to budget constraint. They all have an economic connection, and the fine line needs to plot with ease.
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