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Economics: Global economic issue: Covid-19 pandemic


Video: The Cost of Climate and Covid 

Q&A August 2021 (duration 1:00:26)


Reference list


  1. Start now - add references as you go, not at the end.
  2. Don't Google citemaker!   Use the link above or click here.
  3. Add chrome extension for 1 click referencing
  4. What sort of pattern do you see in your bibliography? (Your teacher will notice)

Pandemic - definition


Websites for reliable information

  • OECD - data, graphs and summaries of Covid-19's impact on the global economy
  • The Conversation - short, understandable articles - by academics

Questions to ask:

  • What sectors are impacted most? Which sectors benefit?
  • What impacts can be measured? What are not so easy to measure?


Video: How to rebuild the global economy - head of IMF (duration 42:21)

Websites for reliable information

Questions to ask:


  • The Conversation - should Australia keep running up debt? Economists say yes.
  • ABC News - why debts and deficits are here to stay

Websites for reliable information:

Questions to ask:

  • How has import/export changed?
  • What time-lag might there be?


Video: Endgame - Q+A (duration 1:00:53)

As frustrated Victorians endure lockdown again, businesses across the country are hurting. Is it time we learnt to live with COVID long term? What risk are we prepared to live with?

Websites for reliable information

  • OECD - Small and medium-sized enterprises (SME) and trade
  • World Bank - interactive map of SME-support measures

Questions to ask:

  • What types of policies support SME?
  • Who is eligible?


Websites for reliable information

Questions to ask:

  • When is it written? We have learned this year that a lot can change in a single week.
  • Who is writing?


Economic factors - extent + nature

Video: Why the economy could fare worse than you think - The Economist (duration 8:46)


Websites for reliable information

Questions to ask:

  • How did they forecast 2020


Quick Links


Here's a quick reference, but check your textbook! The Economist A-Z is quite handy too.

Aggregate - formed by adding together several amounts or things

Demand side policies - economic growth and full employment are most effectively created by high demand for products and services

Economic factors - something that affects the economy e.g. labor costs, interest rates, government policy or taxes

Economic reasons - facts or situations which explain why the economy functions this way or cause it function

Environmental sustainability - the quality of causing little or no damage to the environment and therefore able to continue for a long time

Evaluate - to judge or set the worth of

Extent - the range over which something extends

Fiscal stimulus - an attempt by a government to increase economic activity by reducing taxes, increasing government spending, or both

Monetary policy - What a central bank does to control the money supply, and thereby manage demand.

Pandemic - the worldwide spread of a new disease

Recession - a period of slow or negative economic growth, usually accompanied by rising unemployment

Scarcity - needs and wants exceed the resources available to meet them, which is as common in rich countries as in poor ones.

Sophisticated - complex and refined

Stimulus - something that causes growth or activity

Supply side policies -  economic growth can be most effectively created by lowering taxes and decreasing regulation

Thorough - carried out completely and carefully

SourcesThe Economist, Collins Australian Concise Dictionary, Economics from the ground up, WHO, Cambridge Dictionary