Strong_reflection Final ECOCB535

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ECOCB/535

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Economics

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Jan 9, 2024

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1 Final Reflection Amanda Strong University of Phoenix ECOCB/535 Mohammed Miah November 27, 2023

2 Final Reflection Question #1: Provide a concrete example of one way that a world-wide or current event has positively or negatively impacted economic activity. Determine the benefits and limitations of a specific government intervention program in the economy. Assess how the relationships between the United States and other global economies have either hurt or helped companies based in the United States. The most recent event that I can think of that has affected the world and the economy so much so that we are still dealing with the aftermath almost four years later would be the COVID- 19 pandemic. This pandemic caused numerous positive and negative effects on the world. The positive impact that has come to light has been on the environment. Due to COVID-19 the effects of harmful social and economic activities have reduced. Less driving and people not being out to pollute the environment was able to reduce the harmful effects that normal human activities have caused in years before the pandemic gripped the world. The negative impact of the COVID-19 pandemic has been the reduction in the work force leaving many without jobs due to businesses being shut down. The United States saw the highest unemployment rate in recent United States history. Even with many going back to work we are still feeling the effects of pandemic. Not to mention the number of deaths that were seen worldwide because of the COVID-19 pandemic. The government intervention program that aided the economy at this time was the pandemic relief program. These programs were put in place to help with unemployment benefits, housing assistance, and a variety of other helpful economic instruments. Relationships between the United States and other global economies have assisted businesses operating in the United States, allowing commodities to enter with zero or tariff rates. Enabling the Federal Reserve to sustain a

3 lower interest rate. The lower interest rates were helping the economy while the effects of COVID-19 were so great the United States did not know when it would start to recover. Question #2: What were the specific assignments or learning activities in this course that you found particularly beneficial? What could’ve improved or added to your learning experience in this course? This course was one of the courses I found to be most beneficial during this semester. Getting insight into the field of economics for companies that I have no previous knowledge about. When someone mentioned economics before I just assumed mathematics, but it is so much more than that. I studied how trade and tariffs operated in the trade industry and how businesses are using them to do business when applicable. It shocked me how much economics and the government were related. The information I gained on economics basics, the function of money, how the government operates in the economy, and international commerce was the best learning objective which I took away from this course. I specially enjoyed the last assignment where I compared North Korea and South Korea. It was enlightening to see not only how this type of government affected the economy but how the effects of the economy trickled down to every aspect of the nation’s citizens. Seeing how two countries that are so close in location, sharing a border can be so different because of how the role of the government and the control of the government can affect and hinder how an economy can thrive. It shows how a government should want to be for their nation to thrive, their citizens to live better lives and thrive through a prosperous and thriving economy.

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