A hotel where the entire kitchen and lounge were operational was impacted by COVID 19 and it is extremely difficult for them to reopen the kitchen and lounge even two years after the outbreak, while the entire kitchen and lounge equipment was left unused.

You must relate the following economic ideas to the effect covid 19 had on the hotel mentioned above and be able to quickly explain them vividly

GDP

Economic impact of covid 19

scarcity

choice

Incentives and magins

Opportunity cost

societal constraints

Decision making

Fairness and Efficiency

consumer demands

market and other interaction

Unemployment and employment

Labour force

Inflation and the price index

Answer rating: 100% (QA)

Lets relate these economic concepts to the situation of the hotel impacted by COVID19 GDP Gross Domestic Product The closure of the hotels kitchen and lounge due to COVID19 would have a direct impact ... View the full answer