Economic impact of pandemics

Economic impact of pandemics

Description/Paper Instructions

Economic impact of pandemics

Pandemics have a significant economic impact on societies. They disrupt global trade and supply chains, reduce consumer demand, and decrease productivity, resulting in job losses, business closures, and increased government spending on healthcare and social support programs.

The most obvious economic impact of pandemics is the loss of life, which has a significant cost in terms of human capital. The loss of workers due to illness or death reduces productivity and output, and the burden of caring for the sick and their families falls on the government and the remaining healthy population. This leads to increased healthcare spending and reduced economic growth.

Pandemics also disrupt global trade and supply chains, as countries close their borders and restrict travel to prevent the spread of disease. This has a significant impact on the global economy, as many industries rely on global supply chains and international trade. For example, during the COVID-19 pandemic, the closure of factories in China disrupted global supply chains and caused shortages of essential goods such as medical supplies and electronics.

In addition to supply chain disruptions, pandemics also reduce consumer demand. People are less likely to spend money on non-essential items during times of uncertainty and may also face reduced income or job loss, leading to a decrease in overall economic activity. This reduction in demand can lead to business closures and job losses, further exacerbating the economic impact of the pandemic.

Governments may also increase spending on healthcare and social support programs during a pandemic, further straining public finances. This increased spending is necessary to provide healthcare to those affected by the pandemic and to support those who have lost their jobs or income due to the economic downturn. However, it can also lead to increased debt and deficits, which may have long-term economic consequences.

The economic impact of pandemics can also vary depending on the type of economy and the industries most affected. For example, service-based economies may be more vulnerable to pandemics as many services require face-to-face interaction, which can increase the spread of disease. Industries such as tourism and hospitality may be particularly hard hit, as people may be hesitant to travel or gather in large groups during a pandemic.

Overall, pandemics have a significant economic impact on societies, affecting both individuals and governments. They disrupt global trade and supply chains, reduce consumer demand, and increase healthcare and social support spending, leading to job losses, business closures, and decreased economic growth. The economic impact of pandemics can be felt for years after the pandemic has ended, and governments must take measures to mitigate the economic consequences of future pandemics.

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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