Supply and Demand

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American Public University *

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201

Subject

Economics

Date

Jan 9, 2024

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docx

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5

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1 Supply and Demand Your Name American Public University Econ 201 Jamie Gladfelter May 12, 2023
2 For this term paper, I have chosen to cover topics that we went over in weeks two and four. The topics are about supply and demand. The economic topic that relates to this that I will be going over is how covid has drastically affected the supply and demand not only in the USA but around the world. These article relates to our course in terms of a demanding schedule. A demand schedule, as we learned, is a table that shows the quantities of a good or service demanded at different prices during a particular period, with all other things unchanged. In March of 2020 the United States of America declared a national emergency due to the Covid-19 pandemic. Most people went from eating at whatever restaurant they wanted on any given day to eating at home. They went from going out with friends and loved ones at concerts, weddings, beaches, church events, and celebrating the birth of a loved one’s baby to barely attending anything and being stuck in the house. Most people had no idea what was to come and thought like most other scares over the last several years that this would go away with the elections. Sadly, this was not the case this time. It lasted for a few years, and we are still feeling the effects of Covid in May of 2023. When the government declared a national emergency due to covid it changed so much about our lives. This change not only affected our food, but also our housing market, the purchase of vehicles, and just about everything in between. Many people lost their jobs, while others that could were able to work from home. “This was the beginning of the downward impact on the food demand”. ( The impact of the COVID-19 pandemic on Food Price Indexes and data collection : Monthly labor review ). Demand shocks and problems with supply chains contributed to increased volatility in import, export, producer, and consumer prices in the months following the onset of the COVID-19 pandemic in the United States. Meat, fish, dairy, and eggs
3 were especially affected by the shifting economy brought on by the pandemic”. ( The impact of the COVID-19 pandemic on Food Price Indexes and data collection : Monthly labor review ). Many things that the United States exported to other countries slowed down drastically. But it was not only the United States that slowed or stopped exporting, but other countries also stopped or slowed down drastically as well. Because many of the things that the United States are made across seas, especially in China, we were not able to acquire items that were once so easily gotten before. These were things that included clothing, parts for a car, parts for your phones, parts for your household appliances, and even parts for your heating and air systems. Literally, every part of the demands of the people were affected by the pandemic, yet the supply was very limited. During the pandemic, many of the production of goods were placed on hold because they didn’t have all the needed items to complete whatever they were making. Because of this some of the automakers would “impose a fine on the supplier to ensure that they got the needed items on time.” (Shih, 2020). Other places were forced to shut down because they were unable to get the needed items that the people were in need of. China while reopening some of its plants and manufactures decided that they would no longer supply some products to other countries. Due to covid, we have seen probably the best example of how things can be for supply and demand. Covid caused a drastic change in the way the world is now doing business and how people are spending. Fewer people were able to work due to being laid off because of not being able to have products, people were scared for their health, or the company was not able to figure out how to manage people working from home. With fewer people working and fewer available items, people have had to learn how to adjust what and how they spend their money. People learned to live without many of the things they had been accustomed to before covid. With that
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