Novel Covid-19: Effects on Individual, Local & Global Levels - Essay Sample

Introduction

With the onset of the novel Covid-19 epidemic, there have been many effects on the individual, local, and global levels. To begin with, there has been a widespread fear of contagion, primarily due to its high rate of contamination and the health effects that are possessed. Ultimately, these effects have trickled down to the individual who depended on his job to cater for basic needs and for the students who were focused on completing their studies and advancing their careers. The levels of scarcity have become elevated with Covid-19, as more people are finding it hard to fulfill their financial obligations. The paper is premised on the provision of an insight into the impacts of Covid-19 on scarcity and how they relate to several economic aspects.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Impacts of Covid-19

Beyond the health effects of Covid-19, there have been crippling outcomes in the economies as people avoid public places and adopt staying at home to keep safe from the illness. Many companies have been forced to reduce their number of employees to ensure that there is a safe distance between the essential employees, and some have been forced to close down entirely until the situation in the countries is managed.

Macroeconomics is a branch of economics that considers the decisions of nations and governments. Due to Covid-19, there has been a slow growth rate in countries and high rates of unemployment, which are components of macroeconomics. Microeconomics differs but is complimentary to macroeconomics, which deals with the decisions of individuals and businesses. Covid-19 has equally disrupted elements of microeconomics like the demand and supply, cost of production, and labor economics.

On a personal level, I lost my job as a result of Covid-19. Unfortunately, I depended on my job heavily to cater for my day-to-day needs. At some point, I was forced to use up my savings, which I had kept aside for some future ventures. With the thought that many businesses, including the one I worked for, may never recover from the epidemic, I started thinking deeply about the opportunity costs of choosing employment over entrepreneurship. I had forgone many great opportunities for starting my own business.

Mullainathan and Shafir (2014) presents an article that discusses scarcity and how it affects one’s mindset. The economic decision rule requires one to assess all the possible actions to a problem and predicting the result of each action before choosing the one to apply. From the shortage of finances with so many needs unmet, my mind was unable to focus on making the best economic decisions, and I almost lost my house, a consequence of a scarcity mindset (Mullainathan and Shafir, 60). Scarcity is a big problem for many people during the Covid-19 epidemic, but the good thing is that it can get managed. The best way to manage scarcity is by making recurrent tasks one time actions (Mullainathan and Shafir, 63). For instance, one may choose to purchase food in bulk rather than buy small portions when they want to eat.

With time, it is the hope of many that the invisible forces in economics will come to play and help in balancing the decreased demand of goods with the cost of the goods for the people to afford the products that they need despite the heavy financial burdens they have to bear. Also, it would be good if the government and other organizations came into play to assist people in getting food and other necessities that have become scarce for the people to obtain as a result of the Covid-19 pandemic.

Effects on Education Goals and Career Objectives

The bandwidth tax from the impacts of Covid-19 was taking a toll on me, and it was affecting my patience, dedication to activities, and personality. To a greater extent, the financial impacts of Covid-19 were also affecting my future goals. With little cash to cater for my basic needs from my savings, it would be hard to afford school for the semesters to come. I had big dreams to complete my studies and advance my profession. With the limitations that have been brought about by the Covid-19, I feel pessimistic about the future and my career.

Goals in education and careers have been bunked as people use the money they have set aside for the same to survive during the epidemic. After the epidemic, many businesses will have to work hard to bring the economy to its feet by increasing the production, employing more people, and reaching out to more consumers with their products. For individuals, the concept of saving for ‘rainy days’ will be taken more seriously as it is the source of survival for many during the epidemic.

Conclusion

Despite the overwhelming impacts of Covid-19, there is a lot that can be done to make the situation better for the people who have been hardest hit by the pandemic. Many sources of income have been cut short, and people are seeking alternatives that may not yield enough for them and their families. The frustration among people increases with the uncertainty that the future holds from the long-term effects of Covid-19. People are being made to make decisions under stressful conditions and with scarcity mindsets. All in all, Covid-19 has brought forth an array of challenges and lessons that people should take into consideration to avoid scenarios that are presently being witnessed. In other households, people have even slipped into depression; others have become homeless due to their inability to pay rent.

Work Cited

Mullainathan, S., and Shafir, E. Freeing Up Intelligence. Scientific American Mind. 2014. 58-63.