Topic:Giventhat resource scarcity and trade-offs are the very lifeblood of economics, COVID-19 has impacted the economy in many ways. Using the concepts you learned in Module 1,identify at least two economic concepts evident in the emergence of COVID across the world. Explain those concepts and identify how the concepts you selected are relevant to the COVID-19 conversation. Be sure that you provide very specific examples that relate to COVID to help explain your economic concepts. (Must be 7-10 sentences and in your own words. Do not copy and paste.)

Example:

To help you get started, I will provide a brief example (you can not use this same example).COVID has given rise to significant government policy including the shutdown of schools across the nation. With these closures, suicide rates among young people has risen and depression has increased substantially. Gallup conducted a poll and discovered that depression was at a 20-year low in 2020 (Brenan, 2020). Although the intent of school closures was to protect people from the virus, a clear unintended effect (economic concept) of this policy is increased depression and suicide across the nation.In economics, an unintended effect is one in which a policy is enacted with the purpose of a specific outcome; however, a consequence of that policy results in an outcome not anticipated or expected.

Source:https://news.gallup.com/poll/327311/americans-mental-health-ratings-sink-new-low.aspx(Links to an external site.)