This question has been asked three times and i have received the same answers by the same user. i would love around 5oo words per answer.

1. "Governments in the countries affected by the pandemic face a policy dilemma of striking a balance between minimising the human cost of the coronavirus outbreak on the one hand, and the economic damage created by the containment measures on the other hand." Evaluate this statement from the economic point of view by discussing the concepts of scarcity, tradeoffs and opportunity cost.

2. Briefly discuss the dynamics of the coronavirus cases in Australia and public health measures taken by the Australian government to control the spread of the virus to date. Use a Circular-Flow diagram (Figure 13.1 from Chapter 13) to discuss how government's quarantine and social distancing policies affect each of the flows depicted in that diagram. What do you think is going to be their impact on the Australian economy?

FIGURE 13. 1 The circular flow and measurement of GDP The circular-flow diagram illustrates the flow of transactions in the economy. Firms sell goods and services to three groups: domestic households, foreign firms and households, and the government. To produce goods and services firms use factors of production: labour, capital, natural resources and entrepreneurship. Households supply the factors of production to firms in exchange for income in the form of wages, interest, profit and rent. Firms make payments of wages and interest to households in exchange for hiring workers and other factors of production. The sum of wages, interest, rent and profit is total income in the economy. We can measure GDP as the total income received by households. The diagram also shows that households use their income to purchase goods and services, pay taxes and save. Firms and the government borrow the funds that flow from households into the financial system. We can measure GDP either by calculating the total value of expenditures on final goods and services or by calculating the value of total income. GDP can be measured by total wages, interest, rent and profits received by households. Households by domestic households on foreign buines s and services (imports) Expenditures by don Taxes Payments of wages, interest and transfer payments Payments of wages, interest, rent and profits Rest of the world Expenditures on goods and services Government Borrowing Financial system Taxes Expenditures Expenditures by foreign on goods and domestically produced goods and services Borrowing reign households on Is and services (exports) Firms GDP can be measured by total expenditures on goods and services by households, firms, government and the rest of the world