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 real-world situations(The hotel mentioned above) and be able to quickly explain them. .

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