5 to 7 Sentences for each: Topic Question: Personal Impact from Coronavirus | How has the coronavirus...

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Economics

5 to 7 Sentences for each:
Topic Question: Personal Impact from Coronavirus | Howhas the coronavirus crisis affected your budgetconstraint?
Theory:
Definition of Scarcity/Choices.
Definition of Opportunity Cost.
Factors that Increase/Decrease(expand or contract) budgetconstraints.
Application of the theory:
A real-life situation where you explain the concepts abovementioned responding to the question of how has the coronaviruscrisis affected your budget constraint.
Example/Explanation of personal scarcity and choice(s).
Example/Explanation of personal opportunity cost due topersonal choice(s).
Example/Explanation of personal expansion or contraction oftheir budget constraint.
Conclusion of reflection about the effect of coronavirus ontheir life.

Answer & Explanation Solved by verified expert

4.4 Ratings (868 Votes)

Because of the coronavirus pandemic the income has reduced in the informal sector which means a reduction in budget Most of the industries are experiencing lockdown which has affected the income as well In economics the main concept is of unlimited needs and limited resources But due to the virus the choices of goods have changed Now the choices See Answer

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