Covid-19

Market failure is the economic situation defined by an inefficient distribution of goods and services in the free market.

An externality is a cost or benefit that stems from the production or consumption of a good or service.

Externalities lead to market failure because a product or service's price equilibrium does not accurately reflect the true costs and benefits of that product or service.

1.Getting a vaccination provides a benefit to other people in society because you do not spread infectious diseases.

2. A decision to stop smoking causes benefits to other people in society who longer suffer passive smoking.

3.Switching from conventional farming to organic farming helps the environment as there are fewer chemicals in the environment.

1.Loud music: if you play loud music at night, your neighbor may not be able to sleep.

2. Producing conventional vegetables with pesticides causes carcinogens to get into the environment.

3. Burning coal for energy creates pollution.

Positive: Air pollution has dropped because major cities have imposed lockdown measures

https://www.cnbc.com/2020/04/23/coronavirus-photos-show-effect-of-air-pollution-drops-from-global-lockdown.html

Negative: Panic buying has become a move for many americans, they buy out supplies leaving very little left for other people

https://www.theladders.com/career-advice/why-people-are-panic-buying-during-the-covid-19-outbreak

A rival good is a type of good that may only be possessed or consumed by a single user.

1. a seat at a concert

2. plane ticket

3. clothing

these are valid examples of rival good because they can only be used by one user

A non-rival good is a good that can be consumed or possessed by multiple users

1. tv shows

2. radio channels

3. Parks

these are all valid non-rival goods because multiple people can use them at the same time

Excludable goods are goods that people must pay to get access to it

1. Netflix

2. amazon prime

3. magazines

because these goods prevent people who have not paid for it from having access to it.

Non-Excludable: a non paying consumer cant get access to it

1. public roads

2. public bathrooms

3. air

these are all valid non-excludable goods because no one has to pay to use them

Private goods: A rival and excludable good. Which means it being consumed prevents others from consuming it and you must pay for it .

1. food

2. toilet paper

3. clothing

Because once these items are consumed they prevent others from consuming it

Public good: A public good is a product that an individual can consume without reducing its availability to others and of which no one is deprived.

1. sewer system

2. national defense

3. public parks

theses are considered public goods because anyone can consume them and one will suffer a loss from them being consumed

A free rider is a burden on a shared resource that is created by its use or overuse by people who aren't paying their fair share for it or aren't paying anything at all.

Common goods are defined in economics as goods that are rivalrous and non-excludable

1. lakes

2. air

3. forestes

common goods are related to market failure because goods can be used up without people paying for it thus causing a market failure.

The tragedy of the commons is an economic problem in which every individual has an incentive to consume a resource at the expense of every other individual with no way to exclude anyone from consuming.

Club Goods: Club goods are non-rivalrous, so they’re not in danger of being used up or defiled by one or more person’s use

1. TV

2. private parks

3. movie theaters

Club goods attract free riders which then use up resources without paying their share which then allows market failure to occur.

essential living supplies and food are a good example. Despite the pandemic, everybody appears to shop in bulk, leaving most of them to shop without products, and some people desperately need the products. local governments should step in and ration vital resources and food products in order to ensure that everyone can afford them.

a Public Park would be a good example as a public good. In addition, we need to ensure through law enforcement that people don't use public parks as much as they did before so we can stop the virus from spreading.

During this pandemic, a free rider's case could be someone who lives in their apartment without paying their rent due to the no eviction policy so living anywhere without paying their part is a free rider. I think the government should encourage this to happen for a little longer given people trying to get back work since we have been in quarantine.

People in the grocery stores who are panic shopping will be an example of the tragedy of the commons during this pandemic. These consumers go to large-scale grocery stores with small inventory and panic shopping, which then stops other buyers from getting their products. This causes the resource to be misused by certain citizens and therefore stops others from using it too.

On average, husbands have 7.4 hours of childcare a week for all married couples with children, compared to 13.3 hours for women. Some families with small children provide greater childcare requirements, but the ratio between male and female is roughly the same based on children up to five years of age, married men provide 10.9 hours of childcare, Compared with 19.8 hours a week for married women. In this sense, married women have nearly 60 percent of childcare only for people working full-time, and still have a higher percentage if they have a high childcare demand for small children. Women provide a significantly higher proportion of childcare during working hours, about 70%. Relative hardship-sharing stays at 60-40 and childcare demands rise by 20 hours a week through the crisis, whereas full-time employed people would have to raise their childcare hours by 12 hours vs 8 hours for men.

Rational policy response to the global COVID-19 pandemic is about how aggressively to restrict economic activities to mitigate epidemic spread and how rapidly to remove those restrictions, when the pandemic shows evidence of containment. One reason that people disagree with the right strategy is that lock-down strategies have very important distributional consequences.Sensitive lock-down policies aimed at reducing viral spread will, of course, focus on restricting growth in sectors where consumption has a social dimension and sectors that produce goods or services that are considered luxurious. The government has preventive and development tools and a desire for social welfare. In contrast, the elected official has the potential to shut down much of the economic activity of the wealth market and reduce the speed at which the disease advances.

In news articles, the real GDP growth rate will decrease by 5 percent with each month of partial economic shutdown. Goldman Sachs expects an overall 9 percent drop in real GDP in the first quarter of 2020, an estimated drop of 34 percent in Q2 due to Covid-19. With an estimate that over 10 percent would affect GDP.

the covid-19 virus lockdown is taking a toll on mental health. women appear to be suffering more than men. In a mid-March poll, 32% of people polled said that worry and stress about coronavirus had a negative impact on their mental health. The health impacts of the pandemic are obvious, and there is certainly a great deal at stake; but the consequences of mental health can not be overlooked or dismissed, and a number of experts have advised government to take this seriously.

The Environmental Protection Agency claims that one human liffe is to be worth around 10 million dollars.

economists use different methods to estimate the value of a human life, Based on choices we make. Economists measure the worth of human life, by having a risky job, if you smoke or drink alcohol, and even what vehicle you drive.

Social distances are estimated to minimize about 60% of deaths. In order to determine the impact of early diagnosis, the Center for Health Indicators and Evaluation at the University of Washington used growth patterns in overall deaths from the time that social distance measures were introduced to the anticipated end of the epidemic and applied them to the situation. An approximate 90 per cent of overall Covid-19 deaths in the US could have been avoided.

https://www.businessinsider.com/coronavirus-lockdowns-successful-evidence-from-around-the-world-2020-4

the paycheck protection program provides the Paycheck Protection Plan with $321 billion. An additional $ 10 billion for the Economic Injury Disaster Loan plan funds, $60 billion for the Disaster Loans Program Account for smaller loan organizations . In addition to criteria for a comprehensive research plan, the bill 's insurance reforms include $100 billion in direct insurance expenditure. We do need more security for front-line employees, raising provisions for paid leave for employers with more than 500 worker, and protecting risk benefits or assisting with COBRA compensation for laid-off staff.

The Government money for Americans who payed taxes. The number you'll get depends on your overall salary in 2019 or 2018. You qualify if you are a single resident of the United States and have an annual gross income of less than $99,000, if you file as head of a household with an annual gross income of less than $146,500, or if you file jointly without children and have an annual gross income of less than $198,000

I think they make sense but they could've done a better job. they should've had a plan since a pandemic has affected the us before but the unemployment tests that are being sent out and the stimulus tests are surely a step in the right direction.

Personally I think at this point the government is probably what they can with what they have. they have implemented new policies and are tryin to make everyone practice distancing. they government has told us what to do now we as a united country must do what it takes to beat this virus and get out of these dark times.