Question

IMPACT OF COVID19 TO ECONOMY AND SOCIETY

(200 words at least)

Please elaborate and explain. Really appreciate it.

Answer 1

Economic & Social impact of Covid-19
Covid-19 has made many structural and functional impacts on economy and the society. The short term and long term impacts have drifted the behavior of both the society and economy. Lock down of restrictions to many including social activities economical transactions are all affected at least for a short term period of time. Let us analyze the impacts on economy and society.
Economy is among the main sector which is drastically affected the covid-19 pandemic. The structure and methods of transaction affected the way how it performs. Restrictions in close contacts and gatherings have affected the base structure of the economy where the demand and supply of low and average income group matters. The pandemic has created wide disparity in consumption of goods y different income groups. The sudden shut up of companies have led to income fall of many people which further affects the demand and supply of the economy. Also, the pandemic has stimulated taking advantages on the technological advancements in the strategies of demand and supply by making it currency free and encouraging digital transactions.
Society, where the social elements of individuals work out has been affected by the pandemic which restricts the scope of social contacts. The physical and mental contacts have been reduced by people affecting their characteristic to be a social being. People who have access to technical and technological updates could be able to manage the situation by virtual meeting and contacts, even they have limitations. Society has been evolved more to a virtual world comparing before. More people understand the importance of access and need of technological assistance. Also, the society has increased the risk in health concern of individuals with the current going system. As an overall, the society has problems on mental and physical health due to the sudden change in its functioning. Even the benefits taking from the technology lacks when it comes to mental health and care. People getting more afraid about coming in contact with other directly affects the primary ideas of a society.