“Stock Exchange Financial Crisis “ by Pixabay is in the Public Domain, CC0
Why we selected this topic
We chose this topic because we are business majors. We are both very interested in the economy and its reaction to global issues. Choosing this topic allows us to write about a subject that we will focus on for most of our academic experience. America relies heavily on its economy and COVID-19 hinders much of its societal norms. These “societal norms” include purchases being made from businesses and products being bought and sold. Understanding the differing trends and new allocations of buying and selling within the United States during the pandemic gives us a different perspective: America’s economy needs redevelopment in its online economy. We should learn the importance of doing research and getting a better understanding on how the stock market reacts to situations like a pandemic. Through understanding how the pandemic affects an economy, America can develop an online economy to prevent any future economic shutdowns.
Why this topic is significant
This topic, how the economy was affected by COVID-19, is significant because the economy has an impact on every individual’s personal life. It holds stocks, businesses, companies, etc. Every transaction made has an impact on the economy. COVID-19 sent the economy into one of the largest spirals it has seen since the Great Depression. With lockdowns placed on hundreds of thousands of American communities, businesses struggled to stay afloat and there was less money circulating in the economy. With a struggling economy, Americans used technology to expand their businesses and keep transactions flowing. During a time like the COVID-19 pandemic, the economy is extremely relevant and important to consider. Technology had to be created and based solely on keeping money circulating in the economy. COVID-19 may have caused a massive struggle for the economy, but more technology has been created now through the pandemic to better equip America’s economy for online functions. Global commerce was also gravely affected by the pandemic, hindering the usual flow of goods within the United States. The United States is the most active country in regards to international commerce and trading with other countries. The goods that the country brings in from foreign nations are necessities in the daily lives of citizens, and the goods exported are a large part of the economic development of the country.
How our chapters relate to this larger topic
Our chapters are very similar in layout and overall topics. We have similar statistical data expressing COVID-19’s impact on the stock market as well as the negative effects on businesses within the country. Aubri went more into detail about the political side of the economic impact of COVID-19, explaining the differing views of the 2020 presidential candidates along with their respective parties. I went more into depth not only about internal issues but also global affairs and the importance COVID-19 shutdowns and travel restrictions had on the well being of American citizens. Both of us mentioned the few industries that ultimately benefited from COVID-19. Aubri and I mentioned the sacrifices some businesses had to make to stay open and ways these businesses had to reinvent ways to distribute inventory.