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A. COVID 19 has severely affected the world's economy.Briefly explain how each of the following concepts can explain the impact on the Australian economy. Demand
A. COVID 19 has severely affected the world's economy.Briefly explain how each of the following concepts can explain the impact on the Australian economy.
- Demand and Supply of essential goods
- Price elasticity of demand of health products
- Gross domestic product
- Business Cycle
B. Define market failure and explain if the absence of a COVID vaccine is an example of market failure.
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