Answer to Question #231872 in Economics for Another you

Question

A. Answer the following questions.

1. The world today is experiencing different problems including the COVID 19 pandemic. What do you think will happen to the economy of every country if the problems will not be solved? Why?
2. How can applied economics help solve economic problems?
3. What is scarcity? How does scarcity affects a community?
4. How does basic economic problems affect socioeconomic development of the Philippines in the 21st century?
5. Advice on how to cope with the issues on poverty and unemployment to improve the lives of the people? What would you tell him/her?
6. In what way is applied economics important in tackling economic issues or problems of the country?

Answer 1

The world today is experiencing various challenges, including the COVID 19 pandemic.

What do you think will happen to the economy of each country if the problems are not solved? Why?

If the problems are not resolved in every way, then this can lead to a global crisis, which has not yet been in the history of civilization. This may be due to a lack of coordination between governments.

How can applied economics help solve economic problems?

Applied economics is aimed at predicting the possible results of economic activity, therefore, at the timely elimination of the causes of problems.

What is scarcity? How does scarcity affect the community?

Deficiency is a lack of a certain type of product or goods in general. Deficiency has a detrimental effect on society, as it can cause stratification of society on the basis of the possession of goods.

How are major economic issues affecting the social and economic development of the Philippines in the 21st century?

The economy of the Philippines is mainly influenced by the consequences of natural disasters, which make it impossible to correctly predict economic activity.

Advice on how to deal with poverty and unemployment to improve people's lives? What would you tell him?

In order to improve people's lives, it is necessary that the government clearly controls social programs, that is, the conditions under which assistance is provided. It is necessary to teach people, to guide them in the right direction.