These are not normal conditions, especially in a super large economy such as the U.S. As we have discussed in class, over 70% of the US economy, which is the biggest in the world by GDP measures, come from Consumer Spending. So, if we the people, are not out there spending (e.g. going to restaurants, events, gathering), then the economy suffers. Additionally many people are unfortunately losing their jobs.

So, here is a chance to talk about how these issues affect our economy and earn some Extra Credit in the process! To do this, all you have to do is to answer the questions below (in a comprehensive way - no one-word, one-phrase answers).

I realize that there are very big questions, so try to do your best. I am looking for a good, educated, and detailed thought process, not necessarily the correct answer. So don't give one-word, one-phrase responses. I want to see that you thought about the questions and not just dismissed them.

Post your responses, and then as usual, respond to your classmate's posts. As always, when you reply to your classmates, make sure that you are cordial, thoughtful, and respectful of each others opinions even if you don't agree with them.

Questions:

1. How do you think the Corona Virus restrictions has affected the U.S. economy? How about the world economy? Explain in your own words using what we have studied about global business in class.

2. How has this "new normal" affected your economics personally? You don't have to provide personal details if you don't like to, but try to analyze it in a local level.

3. Do you think the U.S. economy will bounce back quickly after the virus is contained or a vaccine arrives? Or would people's buying habits change forever (such as buying online instead of in the stores; or working remotely vs in the office)? Try to provide in-depth analysis or educated guesses as best as you can.