Case Study 1: COVID-19 Pandemic (2020)
The global pandemic highlighted the importance of economics. Governments had to make tough choices:
- Should they spend more on healthcare or on keeping businesses alive?
- Should they print more money to help citizens, even if it risks inflation?
The crisis showed how scarcity and choice are central to economic decision-making.
Case Study 2: Oil Price Fluctuations
When oil prices rise, transportation becomes expensive. This leads to higher prices of food and goods. Economists study these ripple effects to suggest policies like subsidies or alternate energy sources.
Leave a Reply